Crypto rallies slow USDC growth and speed up USDT, Coin Metrics finds
- —Prior-week crypto returns associate with faster USDT and slower USDC growth
- —Perpetual-futures funding explains about 10% of USDC and 4% of USDT supply variation
- —The Aave v3 versus 3-month Treasury carry spread adds explanatory power only for USDC
- —Lagged issuer models cover 13% of USDC and 16% of USDT weekly supply moves
Why it matters: Stablecoin issuance is not the same as Bitcoin demand: tokens can serve lending, collateral and payments instead.
Source: CryptoSlate