So, is DeFi season back? Stablecoin ‘yield’ deposits nearly doubled last month even as Bitcoin crashed.

DeFi season has returned. The digital currency stablecoin market has bounced back after a brutal crash in November, with a record number of deposits taking place and several new projects being launched. Not to be outdone, the price of one of the most prominent stablecoins, Tether, plunged, while a new stablecoin called “TrueUSD” reportedly raised $40 million in a month.

Stablecoins are cryptocurrencies pegged to the value of fiat currencies, such as the US Dollar, the Euro or the British Pound. These stablecoins are pegged to the value of fiat currencies, which means they are supposed to maintain their value and to be protected against price volatility. Some people believe that they can be useful for a lot of applications, such as asset-backed tokens, cross-border payments, or a global currency system.

Has DeFee’s season started again? Returns on Stablecoin deposits nearly doubled last month, despite bitcoin’s decline.

Earn up to 12% annual returns on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins, etc.

Beginning of importance

Edge ‘ Fasteners ‘ DeFi

Stable coins prevail during market downturns as emerging cryptocurrency management platforms offer high profit opportunities.

Ana Grabunjia – 21. 20 June 2021 at 11:00 UTC – 2 min read

Is DeFi season back? Stablecoin ‘yield’ deposits nearly doubled last month even as Bitcoin crashed

In May, the YIELD App wealth management platform saw a 15.5% increase in net deposits in Tether (USDT) and a more than doubling of net deposits in USD Coin (USDC), up 155.5% from April.

This upward trend was similar across the industry. The total supply of Stabelcoins exceeds $105 billion and the number of metric addresses indicates a thriving user base in DeFi, the data said.

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As an independent organization in the blockchain industry, we are guided by strict editorial policies that emphasize objectivity and transparency in our reporting.DeFi (DeFi is short for distributed finance) is the term for a blockchain-based financial market where stablecoins (aka collateralized debt obligations, or CDOs, which are bonds that are collateralized by cryptoassets) are the collateral. DeFi launched in 2014, but it was late to the game. It only started to evolve in 2017, and the market took off in 2018.. Read more about cause of crypto crash and let us know what you think.

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