what happen?
Stablecoin issuers Tether’s USDT and Circle’s USDC supplies have grown by a combined $5.4 billion over the past week as demand for crypto liquidity surges following the U.S. election.
The growth of stablecoins represents a large inflow of capital into the crypto-economy and investor demand for digital assets.
Tether, the world's largest stablecoin issuer, launched the open source "Wallet Development Kit (WDK)" on November 11 to help enterprises and developers more easily integrate non-custodial digital wallets into websites or applications, further promoting the popularity of cryptocurrency. Adoption at scale.
Cryptocurrency market value exceeds US$3 trillion, approaching French GDP
As the cryptocurrency market saw significant gains in early November, the total market capitalization reached $3.12 trillion. If the cryptocurrency market were a country, it would become the 8th largest market by GDP, even approaching the GDP of France, second only to economic powerhouses such as the United States, China, and Germany.
This growth mainly comes from the sharp rise in the price of Bitcoin. According to data from the International Monetary Fund, the current market value of Bitcoin has reached 1.77 trillion US dollars, surpassing the GDP of Spain.
In addition, the market value of Bitcoin is now larger than that of the technology giant Meta, and is gradually catching up with world-renowned companies such as Apple and Nvidia.
The cryptocurrency market has once again entered an active upward cycle since Bitcoin hit a record high in 2021. Market analyst Marcus. Markus Thielen predicts that Bitcoin will maintain its dominance and push the market towards a market capitalization of US$4 trillion.
And another analyst Rachel. Rachael Lucas believes that if the total market value of cryptocurrencies continues to rise, altcoins other than Bitcoin are likely to surge accordingly.
The supply of stablecoins USDT and USDC surged by US$5.4 billion, reflecting strong market demand
The supply of stablecoins has grown simultaneously with market demand, with USDT issued by Tether and USDC issued by Circle being the most mainstream.
According to data, market demand for cryptocurrency liquidity has increased significantly since the U.S. election on November 5, causing the total supply of USDT and USDC to increase by $5.4 billion in just one week.
USDT is the main currency commonly used in global exchanges, while USDC is mainly used in the US trading platform Coinbase and decentralized finance (DeFi) applications.
TradingView shows that USDT in circulation increased by US$3.8 billion in the past week, setting a new record of US$124 billion; while USDC supply also increased by US$1.6 billion, reaching nearly US$37 billion.
Because stablecoins are stable in price and pegged to the U.S. dollar, they are often the primary trading pair for crypto trading by investors around the world. In other words, the surge in market demand for stablecoins means that there is a large amount of money in the market intending to flow into the crypto ecosystem in the near future.
Tether releases open source "wallet development tool set" to expand AI and non-custodial wallet applications
As cryptocurrencies surge this week, more and more new users and institutions are beginning to pay attention to the cryptocurrency market again.
However, even after many rounds of bull-bear conversions, compared with the early currency circle, the infrastructure and applications on the chain today have made many progress and improvements. However, for ordinary users, it is still relatively complex and has certain limitations. threshold.
Tether, the world's largest stablecoin issuer, announced on November 11 that it will launch the open source "Wallet Development Kit (WDK)" to help enterprises and developers more easily integrate non-custodial digital wallets into websites or applications.
This wallet development tool set supports digital assets such as Bitcoin and Tether (USDT), and has a modular design and multi-system compatibility. It can be widely used in embedded devices, mobile phones, computers, websites, and even AI agents and Automated systems such as robots meet the diverse needs of human users and "digital life forms".
The wallet development tool set simplifies most of the setup process, allowing users to more easily and fully control the crypto assets in the wallet without relying on third-party custody services, further strengthening decentralized security. In addition, the wallet development tool set will also launch user interface templates in the future, allowing companies to create unique user experiences on their own platforms.
References: cointelegraph, cointelegraph, [coindesk][3]
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