Stably Weekly Newsletter – 02/05/2024

STABLY WEEKLY NEWSLETTER – 02/05/2024

Announcements & Product Updates

• Multichain USDC is now available: Native USDC from Circle is now available on Stably Ramp across 8 networks. Read more here.
• Coin98 is now available: Ethereum C98 from Coin98 is now available on Stably Ramp. Read more here.
• Frax assets are now available: 7 Frax Finance assets are now available on Stably Ramp across 7 networks, with more coming soon. Read more here.
• CUSD liquidity pools are live: The Viction community has created several CUSD liquidity pools on the Mori Protocol, a native DEX on the Viction network. Read more here (please note that CUSD is not available to US users on Stably Ramp).
• 4 new networks are live: We have enabled support for Base, Linea, Polygon zkEVM, and zkSync Era. Native USDC is now available on Base and other assets on these networks will be listed soon on Stably Ramp in the coming weeks.
• Bitcoin coming soon: We are looking to source native BTC liquidity via integration with THORSwap to list BTC on Stably Ramp within Q1, before the next Bitcoin Halving.

Market & Industry Highlights

• 01/30 (Cointelegraph) – Visa enables crypto withdrawals on debit cards in 145 countries
• 01/30 (Coinpaprika) – SEC could approve Ether spot ETFs by May: banking exec explains 
• 01/31 (Finbold) – Ripple co-founder reportedly hacked for $112M XRP
• 01/31 (Crypto Briefing) – Solana’s JUP surpasses $450M trading volume in less than 6 hours
• 01/31 (Bloomberg) – US increases quarterly debt sale, sees no more boosts coming
• 02/01 (Coinpaprika) – Binance is still breaking records despite regulatory pressures
• 02/02 (Washington Post) – US labor market grew 353K in January, soaring past expectations
• 02/03 (Brave New Coin) – Bitcoin range-bound as Fed maintains steady interest rates
• 02/05 (Cointelegraph) – Bitcoin ETFs see $700M net inflows as BlackRock, Fidelity gains offset GBTC outflows: CoinShares
• 02/05 (Finbold) – China’s stock market wipes $1 trillion in under 2 weeks

7-day crypto price performance heatmap.

• Junk Bonds Signal: In times of market stress, bond ETFs have consistently provided price discovery and the ability for investors to express their differing investment views in real time. Historically, when junk bond ETFs were above their 200-day moving average, it indicated a risk-on investor sentiment typically bullish for risk assets. Conversely, being below this average may suggest bearishness. For more information, please refer to this hypothetical backtest for trading Bitcoin based on 200-day moving average signals from the JNK ETF.
  
  As of today, JNK is 4.74 points above its 200-day moving average (vs. an all-time average of 1.20 points). This could be interpreted as a very bullish signal for both equities and crypto in the short term.

Top pane: JNK with a 200-day simple moving average. Center pane: S&P 500. Bottom pane: BTC.

• Alt Season Index: The 12-Month Alt Season Index is an indicator that measures the relative price performance of altcoins vs. Bitcoin in the previous 12 months. When the Index rises above 50, it signifies altcoins outperforming Bitcoin which is typically associated with major crypto market rallies (for example, during the 2021 bull market and DeFi Summer 2020).
  
  As of today, the Index’s value is 25. This could be interpreted as Bitcoin outperforming altcoins for the time being, which means that a major crypto market rally is still not in play, yet.

12-Month Alt Season Index.

• DeFi TVL & Stablecoin Market Capitalization: DeFi total value locked (TVL) and total stablecoin market capitalization are two reliable on-chain metrics to assess the crypto market’s current health. Rising TVL and stablecoin market capitalization indicate an increasing level of investor trust and engagement within the DeFi ecosystem, suggesting a robust and growing market. On the other hand, declining TVL and stablecoin supplies can signal a decrease in market liquidity and investor confidence, often reflecting bearish market sentiments.
  
  As of today, the total TVL in DeFi and the total stablecoin market capitalization stood at $111.41 billion (+0.57% WoW) and $135.70 billion (+0.26% WoW), respectively. This could be interpreted as a bullish signal for the crypto market as well as DeFi in the short term.

DeFi TVL and total stablecoin market capitalization.

Other Updates

• DeFiChain Twitter Space About Stably’s Proposal: Our CEO, Kory, recently participated in a community discussion on Twitter about Stably’s proposal to expand CUSD to MetaChain. Liam O’Hagan, DeFiChain’s Head of Marketing & Growth, commented: “Highly recommend everyone to listen to it. Nice to see an open and transparent dialogue with a willingness to answer tough questions, too.” You can listen to the discussion here.
• Trustpilot Review: As a valued user of Stably Ramp, your experience with our platform is highly valuable to us. We would greatly appreciate it if you could share your thoughts on TrustPilot, helping others to understand the benefits of our service. Your feedback is not only appreciated but also instrumental in shaping our community and services.