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🔴 Friday — January 23, 2026

The Silent Pressure Building Under USDT and USDC
Stablecoins look calm on the surface—but beneath, liquidity buffers are thinning.
While everyone focuses on Bitcoin ETF flows and Fed pivots, offshore dollar funding markets are tightening. The key signal? The FX swap basis between USD and major EM currencies (JPY, KRW, BRL) has widened to levels not seen since late 2023.
Why does this matter for stablecoins?
- USDT is heavily reliant on offshore commercial paper and repo markets—especially in Singapore and the Cayman Islands.
- USDC’s reserves, while higher-quality, still include short-dated Treasuries that face mark-to-market risk if the yield curve steepens suddenly.
- In a true dollar shortage (like during a geopolitical shock or BOJ policy shift), stablecoin redemptions could outpace liquidation capacity.
📉 Red Flag: Tether’s Q4 2025 attestation shows only 68% of reserves in “cash & equivalents”—down from 74% in Q2. The rest? “Other investments,” including private credit and secured loans.

🔍 What’s Different This Time?
In 2023, stablecoin depegs were driven by trust (e.g., SVB exposure).
In 2026, the risk is liquidity: even solvent issuers may struggle to meet mass redemptions if global dollar funding seizes up.
And with over $180B in stablecoin supply—up 40% YoY—the system is larger, more interconnected, and more exposed to shadow banking fragility.

🛡️ Mitigation Tip: Monitor the “Stablecoin Liquidity Buffer Ratio”
Track this proxy weekly:
> (Cash + Treasury Reserves) ÷ Total Supply
- USDC: ~92% (strong)
- USDT: ~68% (declining)
- DAI: ~55% (mostly RWA-backed—double exposure risk)
If this ratio drops below 60% for any major stablecoin during market stress, depeg risk spikes.
Source: Company attestations, Jan 2026; Chainalysis Reserve Quality Dashboard

📊 Early Warning Signal:
Watch stablecoin exchange inflows + funding rates. A surge in both often precedes redemption pressure.
❓ Poll:
Which stablecoin do you trust most in a dollar liquidity crunch?
🔘 USDC — regulated & transparent
🔘 USDT — scale & market depth
🔘 DAI — decentralized (but RWA-dependent)
🔘 None — I avoid stablecoins during stress
The greatest risks aren’t where everyone’s looking—they’re where everyone assumes “it’s fine.”
Stay vigilant.
#MacroCrypto #Stablecoins #DeDollarization #RiskRadar #USDCTreasury #DAI
$USDC
$USDT
👇 Which metric would make you pull out of a stablecoin overnight? Reply below.

En el universo cripto, la volatilidad es la norma. Bitcoin, Ethereum y otras criptomonedas pueden variar un 10 % o más en cuestión de horas. 
Pero existe un grupo específico que no enfrenta este tipo de problema: las stablecoins, activos digitales diseñados para mantener un valor estable, generalmente vinculado a monedas fiduciarias como el dólar o el euro.
En 2025, su papel en el ecosistema es aún más central: proteger capital, facilitar transacciones o servir como base para operaciones en DeFi. Las stablecoins son el tema principal de este artículo.
Qué son las stablecoins
Las stablecoins son criptomonedas cuyo precio está vinculado a un activo de referencia, como una moneda nacional, materias primas (como el oro) o incluso cestas de activos. Esta paridad reduce la volatilidad y aporta previsibilidad al valor.
Funcionan de diferentes maneras según su mecanismo de respaldo:
Respaldadas por moneda fiduciaria (fiat-backed)
Cada token está supuestamente garantizado por reservas equivalentes en dólares, euros u otra moneda. Ej.: USDT, USDC.Respaldadas por cripto (crypto-collateralized)
Mantienen garantía en criptomonedas volátiles, pero con sobrecolateralización para soportar oscilaciones. Ej.: DAI.Algorítmicas (algorithmic)
Buscan mantener la paridad mediante algoritmos que expanden o contraen la oferta, sin respaldo directo. Son más experimentales y arriesgadas. Ej.: USDe.
Cuáles son los beneficios de las stablecoins
Incluso en un entorno de innovación y riesgo, las stablecoins se han vuelto esenciales por ofrecer ventajas claras:
Protección contra la volatilidad
En momentos de caída del mercado, es posible convertir cripto volátil en stablecoin para preservar valor sin salir del ecosistema.Liquidez y agilidad
Las transacciones con stablecoins son rápidas y baratas en comparación con transferencias bancarias tradicionales, especialmente internacionales.Acceso a DeFi
Son ampliamente utilizadas en protocolos de préstamos, staking y yield farming, funcionando como unidad de cuenta y colateral.Puerta de entrada al cripto
Muchos usuarios comienzan en el mercado comprando stablecoins para luego intercambiarlas por otros activos.Facilidad para la arbitraje
Los traders utilizan stablecoins para mover capital rápidamente entre exchanges y aprovechar diferencias de precio.
Principales stablecoins de 2025 por valor de mercado
En 2025, el ranking de las stablecoins refleja no solo tamaño, sino también confianza y adopción:
Tether (USDT)
Tipo: respaldada por dólar (fiat-backed)
Fortalezas: liquidez global, aceptación casi universal
Punto a vigilar: debates sobre transparencia de las reservas.USD Coin (USDC)
Tipo: respaldada por dólar (fiat-backed)
Fortalezas: auditorías regulares, buena reputación entre reguladores
Uso frecuente: DeFi y transacciones institucionales.Dai (DAI)
Tipo: respaldada por cripto (principalmente ETH y otras stablecoins)
Fortalezas: descentralizada, gobernada por la comunidad MakerDAO
Particularidad: mantiene paridad con el dólar mediante sobrecolateralización.Ethena USDe – stablecoin sintética respaldada por estrategias de cobertura con derivados, diseñada para mantener paridad con el dólar de forma descentralizada y resistente a la censura, con crecimiento acelerado en 2025.TrueUSD (TUSD) – respaldo auditado y enfoque en transparencia, pero con menor volumen respecto a los líderes.
Más allá de los proyectos exclusivamente cripto, podrían surgir nuevos actores relevantes, especialmente las stablecoins emitidas por bancos centrales (CBDC), como el Drex en Brasil, que podrían competir en transacciones domésticas.
 En estos casos, la idea es similar a la de otras stablecoins, pero la iniciativa proviene de fuentes centralizadas: las autoridades monetarias.
Cómo usar stablecoins
Las stablecoins no son solo “dólares digitales”: su uso va mucho más allá de guardar valor.
Trading y arbitraje
Permiten mover capital rápidamente entre exchanges para aprovechar oportunidades de precio sin regresar a moneda fiduciaria.Protección de capital
En caídas pronunciadas, convertir posiciones volátiles a stablecoins preserva poder adquisitivo hasta que el mercado se recupere.Generar rendimiento (yield)
Pueden depositarse en protocolos DeFi para ganar intereses, ya sea prestando o participando en pools de liquidez.Pagos y remesas
Transacciones internacionales con stablecoins son más rápidas y baratas que por el sistema bancario tradicional, especialmente en regiones con alta inflación o control de capitales.On-ramp y off-ramp
Facilitan la entrada y salida del mercado cripto, funcionando como moneda intermedia entre activos digitales y fiduciarios.
Puntos a considerar al usar stablecoins
A pesar de sus ventajas, es importante conocer los riesgos:
Riesgo de contraparte: stablecoins centralizadas dependen de emisores que deben mantener reservas reales.Riesgo regulatorio: cambios en las leyes pueden restringir su uso o exigir licencias adicionales.Riesgo de pérdida de paridad (depeg): en casos extremos, una stablecoin puede perder temporalmente su valor de referencia.
Stablecoins y el futuro del mercado cripto
Con la expansión de las CBDCs y una mayor integración entre finanzas tradicionales y digitales, las stablecoins tenderán a ser aún más relevantes. Podrían servir como puente entre bancos, protocolos DeFi e incluso pagos cotidianos.
El desafío será equilibrar conveniencia, descentralización y cumplimiento regulatorio, especialmente a medida que los gobiernos avancen con sus propias monedas digitales.
¿Ya habías pensado en toda esta complejidad detrás de las stablecoins?
#StablecoinRevolution #USDT #USDC #Tether #DAI
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Fiat currencies, which have been the backbone of the global economy for centuries, are now under threat. Traditional money issued by central banks is gradually losing ground to digital assets, particularly stablecoins. But can they completely replace dollars, euros, and other national currencies? Will this be the beginning of a financial revolution, or just another experiment doomed to fail?
What Are Stablecoins and Why Are They Gaining Popularity?
Stablecoins are cryptocurrencies whose value is pegged to traditional assets (such as the US dollar or gold). The most well-known stablecoins—USDT (Tether), $USDC (USD Coin), and DAI—are used for fast transactions, inflation protection, and bypassing financial restrictions.
Key advantages of stablecoins over fiat:
Speed – International transfers take seconds instead of days.Low Fees – Traditional banking transactions often involve high service charges.Financial Freedom – No strict government or banking control.

But if stablecoins are so efficient, why do fiat currencies still dominate?
Fiat Currencies: A Relic of the Past or an Irreplaceable Tool?
Despite their flaws, fiat currencies have something stablecoins lack—legitimacy.
Legal Recognition – Governments worldwide are reluctant to accept cryptocurrencies as a legal means of payment.Stability – While stablecoins are pegged to the dollar, they depend on issuers who can change the rules at any moment.Control Over the Financial System – Governments are not willing to lose their monopoly on money issuance.

Moreover, the rise of stablecoins threatens traditional banks, which profit from handling deposits and loans. If people start massively switching to digital assets, the banking system could face an unprecedented shock.
Bans or Integration? How Are Governments Responding?
Global financial regulators recognize the threat posed by stablecoins. In the US, EU, and China, discussions are underway to impose strict regulations or even outright bans on stablecoins outside of centralized platforms.
However, some countries are taking a different approach. China is already testing the digital yuan (CBDC), while the EU is actively developing a digital euro. This could be a compromise between the traditional financial system and the advantages of digital assets.
Is a Financial Revolution Inevitable?
There are three possible scenarios for the future:
Stablecoins completely replace fiat – An unlikely scenario, as governments will strongly resist it.Fiat and stablecoins coexist – The most realistic outcome, where banks integrate stablecoins into the traditional financial system.Stablecoins disappear due to regulation – A possibility if governments decide to fully monopolize digital money.
In any case, traditional currencies will never be the same again. The financial revolution has begun, and the main question now is: Is the world ready to live without fiat?


#USDT #USDC #DAI

The stablecoin market has surpassed $200 billion in total value, marking a development in the cryptocurrency space that reflects the growing role of stablecoins in enabling crypto trading, decentralized finance (DeFi), and payments. Stablecoins like Tether (USDT) and USD Coin (USDC) continue to play a central role in facilitating liquidity and bridging traditional and digital finance.

What Are Stablecoins?
Stablecoins are digital assets designed to maintain a consistent value, typically pegged to fiat currencies such as the U.S. dollar or other reserve assets like gold. Unlike other cryptocurrencies, stablecoins aim to reduce volatility, making them useful for transactions, DeFi applications, and as a stable store of value during market fluctuations.
USDT and USDC are among the most utilized stablecoins in the market, providing liquidity and supporting a wide range of blockchain-based applications.
Tether (USDT):
Tether’s USDT continues to dominate the stablecoin ecosystem with a circulating supply exceeding $139 billion. Its adoption spans centralized and decentralized platforms, making it a key player in the cryptocurrency ecosystem.
Key Features of USDT:
Liquidity: Widely used across major exchanges for trading pairs.Global Availability: Integrated across multiple blockchains for seamless usage.DeFi Use Cases: Supports lending, borrowing, and yield farming protocols.
USD Coin (USDC):
USDC, issued by Circle, ranks as the second-largest stablecoin with a market capitalization of $41 billion. Institutions often use it due to its regulatory compliance and transparent reserves.
Key Features of USDC:
Regulatory Alignment: Close collaboration with U.S. regulators to ensure compliance.Programmability: Supports applications in DeFi and smart contracts.Fintech Adoption: Partnerships with financial technology companies enhance its utility in mainstream finance.
Drivers of Stablecoin Growth
Several factors contribute to the stablecoin market’s expansion:
Trading Utility: Stablecoins act as a stable intermediary in trading pairs, providing a buffer against volatility.DeFi Applications: Many decentralized platforms rely on stablecoins for lending, borrowing, and staking.Cross-Border Payments: Low transaction fees and fast processing make stablecoins a practical choice for remittances.Corporate Adoption: Increasingly, corporations are integrating stablecoins into their payment systems, reflecting their broader acceptance.
Emerging Stablecoins and Market Diversity

In addition to #USDT and #USDC , other stablecoins such as Dai (#DAI ) and TrueUSD (#TUSD ) are emerging. Decentralized stablecoins like DAI rely on algorithmic mechanisms to maintain stability. Stablecoins targeting specific regions or applications also contribute to market diversity and innovation.
The #stablecoin market’s $200 billion record highlights its critical role in the cryptocurrency ecosystem. Stablecoins are bridging traditional finance with the digital asset space by providing liquidity, reducing volatility, and enabling blockchain applications.