Amidst a crypto market rebound, The supply of the two top stablecoins, Tether’s (USDT) and Circle’s (USDC), grew nearly $3 billion in a week. Tether transferred $1.3 billion of USDT to exchanges and market makers since Monday. USDT’s market capitalization climbed over $115 billion to a new record high. The market capitalization of USDC also grew $1.6 billion this week to $34.5 billion, the highest since March 2023. Binance saw over $1.5 billion in USDT deposits and $820 million in USDC deposits in four days following the Monday crash.

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