PayPal USD & First Digital USD are now available: PYUSD (Ethereum) and FDUSD (Ethereum, BSC) are two of the latest US Dollar-backed stablecoin entrants in the space, both of which have been growing exponentially by several billions of dollars in combined market capitalization. They are now available for trading on Stably Ramp.
Euro stablecoins are now available: Four Euro-pegged stablecoins are now available for trading on Stably Ramp, including fiat-backed stablecoins like EURS (Ethereum), EURC (Ethereum), and EURT (Ethereum), plus a DeFi stablecoin, agEUR (Ethereum).
Next batch of asset listings coming this week: We are currently getting ready for the next batch of asset listings on Stably Ramp which will take our total number of supported assets from 120+ to 200+ by the end of this month. This will also include assets on newly supported networks such as Base, Linea, Polygon zkEVM, and zkSync Era. Stay tuned!
List your asset for free on Stably Ramp: We now offer a zero-fee listing program to any third-party project interested in listing its assets on Stably Ramp. In exchange, the project can integrate the Stably Ramp iFrame widget, enabling its users to onboard from 170+ countries/regions and buy, sell, or swap these assets with stablecoins and traditional payment methods. Interested projects only need to apply. We will list the requested asset within 30 days if (1) we can source on-chain liquidity for it, (2) the project completes integrating Stably Ramp, and (3) the project passes our internal compliance review process.
Market Commentary from QCP Capital: Since our last market update on 24 Jan, the market has ticked higher from the lows (BTC $38,500 and ETH $2,165). Two key reasons for this:
Reduction of GBTC flows / net positive BTC spot ETF inflows
Daily GBTC outflows have reduced from $500-600M daily to just $100-200M now. Total inflows across all BTC ETFs are now positive!
Bitcoin spot ETF flows.
On a side note, we have observed some price idiosyncrasies around the spot ETF fixings. Between 3-4pm EST, prices tend to tick higher. This is possibly because IBIT (BlackRock ETF) uses a 1hr observation window from 3-4pm EST for use in calculating the Net Asset Value (NAV) of the ETF and participants involved in the creation of ETF units hedge their exposure in this window. Conversely, we generally see downward pressure on price after 4pm EST as GBTC uses a point fix at 4pm EST which means that market makers have to sell around and after that time.
Strong price action in US equities
In spite of the hawkish-leaning Fed (with Powell pushing back on any cuts in March) and higher US yields on the back of a strong Feb NFP (353K actual vs. 180K expected), US equities continue to outperform, with the likes of NVDA and META rallying on strong earnings and positive headlines.
It is likely that any dip in equities will continue to be bought as underallocated investors chase returns. On the back of this bullish sentiment, BTC and ETH are likely to follow, coupled with the BTC halving and ETH spot ETF narratives.
7-day crypto price performance heatmap.
Junk Bonds Commentary from Stably: 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 5.08 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 Commentary from Stably: 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 24. 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 & Stablecoin Commentary from Stably: 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 $127.06 billion (+14.05% WoW) and $136.73 (+0.76% WoW), respectively. This could be interpreted as a very bullish signal for the crypto market as well as DeFi in the short term.
DeFi TVL and total stablecoin market capitalization.
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.
Stably is a venture-backed FinTech from Seattle, Washington. We provide regulatory-compliant stablecoin and onramp infrastructure for emerging blockchains, Web3 applications, and financial institutions, enabling their users in 170+ countries/regions to easily buy, sell, or swap digital assets at competitive rates across multiple blockchain networks with stablecoins and fiat payments. Our mission is to power the next billion Web3 users with a superior fiat & stablecoin onramp.
RISK DISCLAIMER: Digital assets involve significant risks, including (but not limited to) market volatility, cybercrime, regulatory changes, and technological challenges. Past performance is not indicative of future results. Digital assets are not insured by any government agency and holding digital assets could result in loss of value, including principal. Please conduct your own thorough research and understand potential risks before purchasing/holding digital assets. Nothing herein shall be considered legal or financial advice. For more information about the risks and considerations when using our services, please view our full disclaimer.
Get the latest Stably updates, right in your Inbox!
Subscribe to our newsletter and get the latest news and updates from Stably.
You have successfully joined our subscriber list.
DISCLAIMER: Stably Corporation (“Stably”) is a blockchain and financial technology service provider, not a bank, with a registered address at 2910 Burnett Ave N, Renton, Washington 98056, USA. Stably Trading LLC (“ST”), a wholly owned subsidiary of Stably, is a FinCEN-registered money service business (MSB) with registration number 31000252673675 and a registered address at 2910 Burnett Ave N, Renton, Washington 98056, USA. Stably’s fiat orchestration partner, Bridge.xyz (“Bridge”), is a FinCEN-registered MSB with registration numbers 31000251587210 (Bridge Building Inc.) and 31000230810249 (Bridge Ventures Inc.), and registered addresses at 2120 University Ave, Suite 213, Berkeley, California 94704, USA, and 1501 Hillmont St, Austin, Texas 78704, USA, respectively. Bridge is not a bank.
Blockchain-connected products and services offered by Stably and ST are built on top of Bridge’s infrastructure via manual and automated integrations, leveraging its financial services including but not limited to: fiat custody, funds processing, virtual currency exchange, convertible virtual currency (CVC) administration—as defined by FIN-2013-G001 and FIN-2019-G001—plus Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance services.
Stably Ramp (“Stably Ramp”) is a non-custodial fiat-to-crypto on and off-ramp platform that enables a verified account holder (“User”) to mint/redeem stablecoins as well as buy/sell/swap stablecoins and other digital assets using fiat and blockchain payment methods. Fiat payments are processed by Bridge and blockchain transactions may be processed by Bridge, ST, or LI.FI (“LI.FI”), a decentralized exchange and token bridge aggregator (as applicable). Only Users whose identities and funding sources are verified by ST and/or Bridge for compliance with their terms and policies, including BSA/AML programs, are allowed to mint/redeem or buy/sell/swap stablecoins and digital assets with Stably Ramp.
Stably USD (also known as “Stably Dollar” or “USDS”) is a multichain stablecoin fully backed with liquid USD-denominated assets such as bank deposits, money market instruments, and/or USD-backed stablecoins (i.e., USDC). The collateral assets are held by Bridge, ST, or a designated trustee (as applicable) for the benefit of verified USDS token holders, including white-label versions of USDS like VeChainThor VeUSD and Viction CUSD. Bridge is the CVC administrator of USDS on Ethereum and ST is the CVC administrator of USDS on non-Ethereum networks, including white-label USDS versions. USDS and its white-label versions are not FDIC-insured. Every USDS token, including its white-label versions, may be minted/redeemed 1-to-1 with USD or USDC according to Stably’s terms and policies, minus fees, through a Stably Ramp account.
Stably BTC (also known as “Stably Wrapped Bitcoin” or “BTCS”) is a cross-chain Bitcoin (BTC) wrapped token fully backed with BTC held by ST or a designated trustee for the benefit of verified BTCS token holders. ST is the CVC administrator of BTCS. Every BTCS token may be minted or redeemed 1-to-1 with BTC according to Stably’s terms and policies, minus fees, through a Stably Ramp account.
Stably ETH (also known as “Stably Wrapped Ethereum” or “ETHS”) is a cross-chain Ethereum (ETH) wrapped token fully backed with ETH held by ST or a designated trustee for the benefit of verified ETHS token holders. ST is the CVC administrator of ETHS. Every ETHS token may be minted or redeemed 1-to-1 with ETH according to Stably’s terms and policies, minus fees, through a Stably Ramp account.
Stably reserves the right to deny, suspend or terminate any User’s usage of Stably Ramp, BTCS, ETHS, USDS and its white-label versions, if Stably deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with laws, rules, regulations, or best practices.
Digital assets involve significant risks, including (but not limited to) market volatility, cybercrime, regulatory changes, and technological challenges. Past performance is not indicative of future results. Digital assets are not insured by any government agency and holding digital assets could result in loss of value, including principal. Stablecoins (e.g., USDS) and bridged assets (e.g., BTCS) involve additional risks, such as technical challenges, security vulnerabilities, reliance on third-party custodians, and dislocation of market prices relative to the underlying collaterals. Please conduct your own thorough research and understand potential risks before purchasing/holding digital assets. Nothing herein shall be considered legal or financial advice. For more information about the risks and considerations when using our services, please visit: stably.io/terms-of-service.