{"id":320021,"date":"2023-06-13T01:00:22","date_gmt":"2023-06-12T19:30:22","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=320021"},"modified":"2023-06-12T14:18:31","modified_gmt":"2023-06-12T08:48:31","slug":"usdt-usdc-and-dai-has-the-sec-kickstarted-stablecoin-season","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/usdt-usdc-and-dai-has-the-sec-kickstarted-stablecoin-season\/","title":{"rendered":"USDT, USDC, and DAI: Has the SEC kickstarted stablecoin season?"},"content":{"rendered":"<ul>\n<li><em>Stablecoins aw a resurgence of interest following SEC&#8217;s lawsuits<\/em><\/li>\n<li><em>Rise in unique active addresses and weekly senders underlined growing interest in stablecoins<\/em><\/li>\n<\/ul>\n<p>After months of waning interest in <a href=\"http:\/\/ambcrypto.com\/stablecoin-issuer-circle-receives-license-in-singapore\/\" target=\"_blank\" rel=\"noopener\">stablecoins<\/a>, there appears to be renewed interest in the stablecoin sector. This, following the growing uncertainty fueled by the Securities and Exchange Commission&#8217;s (SEC) lawsuits.<\/p>\n<h4>Investors begin to seek stability<\/h4>\n<p>An indication of this growing interest can be evidenced by the hike in unique active addresses in stablecoin transactions.<\/p>\n<p>According to CryptoQuant analyst <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/64853d22a6f3c7291eee7600-Analysis-of-Increasing-Total-Number-of-Unique-Active-Addresses-in-Stablecoin-Tra?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=Quicktake&amp;utm_content=onchained\" target=\"_blank\" rel=\"noopener\">onachained,<\/a> for instance, these active addresses have been steadily increasing following the SEC&#8217;s litigations earlier this week.<\/p>\n<figure id=\"attachment_320055\" aria-describedby=\"caption-attachment-320055\" style=\"width: 1230px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-12-at-1.42.31-PM.png\"><img decoding=\"async\" class=\"wp-image-320055 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-12-at-1.42.31-PM.png\" alt=\"\" width=\"1230\" height=\"622\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-12-at-1.42.31-PM.png 1230w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-12-at-1.42.31-PM-300x152.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-12-at-1.42.31-PM-1024x518.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-12-at-1.42.31-PM-768x388.png 768w\" sizes=\"(max-width: 1230px) 100vw, 1230px\" \/><\/a><figcaption id=\"caption-attachment-320055\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p>Consequently, there has been a significant spike in the number of weekly stablecoin senders. In fact, data from Dune Analytics revealed that the number of weekly senders on the network hit 489,384, at the time of writing.<\/p>\n<figure id=\"attachment_320058\" aria-describedby=\"caption-attachment-320058\" style=\"width: 1372px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-12-at-1.43.28-PM.png\"><img decoding=\"async\" class=\"wp-image-320058 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-12-at-1.43.28-PM.png\" alt=\"\" width=\"1372\" height=\"950\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-12-at-1.43.28-PM.png 1372w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-12-at-1.43.28-PM-300x208.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-12-at-1.43.28-PM-1024x709.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-12-at-1.43.28-PM-768x532.png 768w\" sizes=\"(max-width: 1372px) 100vw, 1372px\" \/><\/a><figcaption id=\"caption-attachment-320058\" class=\"wp-caption-text\">Source: Dune Analytics<\/figcaption><\/figure>\n<p>The analyst attributes this surge in interest in stablecoins to several factors. First of all, legal uncertainty is a key driver as the SEC&#8217;s lawsuits against prominent exchanges created a sense of ambiguity within the cryptocurrency market. This has led investors to perceive altcoins as riskier assets due to potential regulatory implications and associated legal risks.<\/p>\n<p>Risk mitigation also played a significant role. According to onchain, during times of legal scrutiny, investors tend to adopt a risk-averse approach by shifting their investments from altcoins to stablecoins. This strategy allows them to reduce exposure to potential regulatory actions and safeguard their capital.<\/p>\n<p>Preserving trading opportunities is another motivating factor for these traders. Investors who wish to maintain their market participation may convert their altcoins into stablecoins. This approach enables them to minimize exposure to potential regulatory hurdles while retaining a position in the cryptocurrency market, ensuring they are well-prepared for future trading opportunities.<\/p>\n<h4>USDT takes the lead<\/h4>\n<p>Currently, USDT is leading the market in terms of market cap. While USDC and DAI are trailing behind USDT, both stablecoins have recorded a hike in their market caps in recent weeks.<\/p>\n<figure id=\"attachment_320059\" aria-describedby=\"caption-attachment-320059\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Tether-on-Ethereum-USDT-13.45.17-12-Jun-2023.png\"><img decoding=\"async\" class=\"wp-image-320059 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Tether-on-Ethereum-USDT-13.45.17-12-Jun-2023.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Tether-on-Ethereum-USDT-13.45.17-12-Jun-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Tether-on-Ethereum-USDT-13.45.17-12-Jun-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Tether-on-Ethereum-USDT-13.45.17-12-Jun-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Tether-on-Ethereum-USDT-13.45.17-12-Jun-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Tether-on-Ethereum-USDT-13.45.17-12-Jun-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Tether-on-Ethereum-USDT-13.45.17-12-Jun-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-320059\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p>The surge in market cap can be attributed to the growing network growth of these stablecoins, indicating that new users are showing interest in the stablecoin market.<\/p>\n<figure id=\"attachment_320060\" aria-describedby=\"caption-attachment-320060\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Tether-on-Ethereum-USDT-13.46.01-12-Jun-2023.png\"><img decoding=\"async\" class=\"wp-image-320060 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Tether-on-Ethereum-USDT-13.46.01-12-Jun-2023.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Tether-on-Ethereum-USDT-13.46.01-12-Jun-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Tether-on-Ethereum-USDT-13.46.01-12-Jun-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Tether-on-Ethereum-USDT-13.46.01-12-Jun-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Tether-on-Ethereum-USDT-13.46.01-12-Jun-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Tether-on-Ethereum-USDT-13.46.01-12-Jun-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Tether-on-Ethereum-USDT-13.46.01-12-Jun-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-320060\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p>In terms of supply, USDT has hit an <a href=\"https:\/\/twitter.com\/WClementeIII\/status\/1667939371054505984?s=20\" target=\"_blank\" rel=\"noopener\">all-time high<\/a> of $83.35 billion. Conversely, USDC has seen a decline in circulation.<\/p>\n<figure id=\"attachment_320061\" aria-describedby=\"caption-attachment-320061\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/FyW0zyZXsAILmO6.jpeg\"><img decoding=\"async\" class=\"wp-image-320061 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/FyW0zyZXsAILmO6.jpeg\" alt=\"\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/FyW0zyZXsAILmO6.jpeg 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/FyW0zyZXsAILmO6-300x169.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/FyW0zyZXsAILmO6-1024x576.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/FyW0zyZXsAILmO6-768x432.jpeg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/FyW0zyZXsAILmO6-1536x864.jpeg 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-320061\" class=\"wp-caption-text\">Source: glassnode<\/figcaption><\/figure>\n<p>Additionally, Tether has been utilizing the yield generated through USDT&#8217;s dominance to <a href=\"http:\/\/ambcrypto.com\/tether-and-its-plans-to-buy-btc-these-changes-can-be-anticipated-thanks-to\/\" target=\"_blank\" rel=\"noopener\">purchase BTC.<\/a> This could potentially have a positive impact on Bitcoin as a whole in the future.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The stablecoin sector is noting a resurgence of interest following SEC&#8217;s lawsuits, with a rise in active addresses and weekly senders seen.<\/p>\n","protected":false},"author":73,"featured_media":320065,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,35,66,3,4,20],"tags":[],"class_list":["post-320021","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-bitcoin-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>USDT, USDC, and DAI: Has the SEC kickstarted stablecoin season? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Interest in stablecoins grew on the back of the SEC&#039;s latest lawsuits. 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