Bybit Exchange Reveals 17.8% Jump in USDT Holdings, as Crypto Investors Show Increased Appetite for Stablecoins

Cryptocurrency exchange Bybit has released the twelfth proof of reserve, featuring a 17.8% increase in USDT holdings.

Cryptocurrency exchange Bybit has unveiled its latest proof of reserve, revealing a substantial 17.8% increase in customers’ holdings of Tether (USDT) stablecoin.

The report, which spans from June 6 to July 10, showcases a remarkable surge in USDT holdings, rising by 433 million USDT. This uptick is in stark contrast to the minimal changes observed in BTC and ETH holdings, which saw modest gains of 5.62% and 0.46%, respectively.

Moreover, the report highlights a striking increase in Circle’s USD Coin (USDC) deposits, surging by over 150 million USDC, a nearly 400% jump from June. However, the algorithmic stablecoin DAI, issued by MakerDAO, experienced a decline, with holdings decreasing by 33% over the same period.

This uptick in stablecoin holdings coincides with rising market capitalization in the sector. As reported by CryptoSlate, Bitcoin appears to have reached a local price bottom.

According to Ki Young Ju, CEO of crypto analytics platform CryptoQuant, the stablecoin market cap hit an all-time high earlier in July, with USDT comprising 70% of the total market.

While Young Ju noted that current liquidity might not significantly impact price movements, he described the upward trend as “noteworthy” given the prevailing market conditions.

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