Bitcoin’s three-day chart shows an impending death cross as a risk-off orientation drives prices lower. godbole17 reports in this morning's First Mover Americas.
Late on Monday, April 18, the stablecoin terraUSD edged out Binance’s BUSD to become the third-largest stablecoin by market cap. There are now nearly $18 billion UST in circulation. That’s well below the nearly $50 billion total for Circle’s USDC, or the $82 billion worth of Tether’s USDT roaming the Earth.Stablecoins are tokens tracked by a blockchain, but in contrast to assets like bitcoin , they’re intended to consistently match the buying power of a fiat currency, most often the U.S. dollar.
USDT and USDC are so-called “backed” or collateralized stablecoins. They keep their 1:1 dollar “peg” because they are backed by bank accounts holding dollars, or by other dollar equivalent assets, for which tokens can be redeemed – although Tether has been notoriously reticent to specify theUST, by contrast, began life as what’s known as an “algorithmic” stablecoin. These could also be referred to as “decentralized” stablecoins because decentralization is their primary.
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