Introduction
The stablecoin market witnessed diverse performances in December, with some stablecoins experiencing increases in supply while others faced declines. Despite the overall decline in the stablecoin market throughout 2022, it started to recover towards the end of 2023, reaching heights that haven't been seen since May. However, among the top ten stablecoins by market capitalization, only two saw an increase in supply over the last 30 days.
USDT and FDUSD Witness Supply Increases
Tether (USDT), the leading U.S. dollar-pegged crypto asset, observed a 2.5% uptick in its supply from December 1, 2023, to January 1, 2024. Currently, USDT holds a market capitalization of $91.86 billion. On the other hand, the newcomer, first digital usd (FDUSD), enjoyed a substantial 85.7% rise in supply, boasting a market valuation of $1.8 billion.
USDC, DAI, and TUSD Experience Supply Changes
USDC experienced a slight 0.2% dip in supply, while DAI encountered a 1.7% decline. Trueusd (TUSD), a greenback-pegged stablecoin, underwent a significant 22% contraction in its supply during December.
Other Stablecoins and Their Supply Changes
BUSD, the fifth-ranked stablecoin, noted a supply reduction of approximately 39% last month, with its market cap now hovering at just over $1 billion. Tron's USDD also saw a 1.3% decrease in its total supply. FRAX and USDP experienced respective declines ranging from 3.2% to 16.7%. In contrast, Paypal's new stablecoin PYUSD witnessed a significant 68.8% increase, surpassing liquity usd (LUSD) this month. As of January 1, PYUSD's total supply exceeded 264 million units.
Stablecoin Usage in Global Trade
In the last 24 hours, the global trade volume reached around $64 billion, with stablecoins accounting for over $42 billion of that activity. This indicates that stablecoins are used in more than six out of every ten trades.
Conclusion
The stablecoin market displayed varied performances in December, with some stablecoins experiencing increases in supply while others faced declines. The rise of FDUSD and the significant increase in supply of PYUSD stand out among the stablecoin market actions. It will be interesting to see how the stablecoin market evolves in the coming months. What are your thoughts on the stablecoin market in December? Share your opinions in the comments section below.
Frequently Asked Questions
How Much of Your IRA Should Be Made Up Of Precious Metals
You should remember that precious metals are not only for the wealthy. You don’t need to have a lot of money to invest. You can actually make money without spending a lot on gold or silver investments.
You could also consider buying physical coins like bullion bars, rounds or bullion bars. Stocks in companies that produce precious materials could be purchased. Your retirement plan provider may offer an IRA rollingover program.
You will still reap the benefits of owning precious metals, regardless of which option you choose. They offer the potential for long-term, sustainable growth even though they aren’t stocks.
They also tend to appreciate over time, unlike traditional investments. If you decide to make a sale of your investment in the future, you will likely realize more profit than with traditional investments.
Should You Buy or Sell Gold?
Gold was once considered an investment safe haven during times of economic crisis. Many people today are moving away from stocks and bonds to look at precious metals, such as gold, as a way to diversify their investments.
Although gold prices have shown an upward trend in recent years, they are still relatively low when compared to other commodities like oil and silver.
Experts think this could change quickly. They believe gold prices could increase dramatically if there is another global financial crises.
They also note that gold is increasingly popular because of its perceived intrinsic value and potential return.
Consider these things if you are thinking of investing in gold.
- Before you start saving money for retirement, think about whether you really need it. You can save for retirement and not invest your savings in gold. The added protection that gold provides when you retire is a good option.
- Second, be sure to understand your obligations before you purchase gold. Each type offers varying levels and levels of security.
- Finally, remember that gold doesn't offer the same level of safety as a bank account. If you lose your gold coins, you may never recover them.
So, if you're thinking about buying gold, make sure you do your research first. Make sure to protect any gold you already own.
Is physical gold allowed in an IRA.
Gold is money and not just paper currency. People have been using gold for thousands of years to store their wealth and protect it from economic instability and inflation. Gold is a part of a diversified portfolio that investors can use to protect their wealth from financial uncertainty.
Many Americans are now more inclined to invest in precious metals like gold and silver than stocks or bonds. It's not guaranteed that you'll make any money investing gold, but there are several reasons it might be worthwhile to add gold to retirement funds.
Another reason is the fact that gold historically has performed better than other assets in times of financial panic. Gold prices rose nearly 100 percent between August 2011 and early 2013, while the S&P 500 fell 21 percent over the same period. Gold was one asset that outperformed stocks in turbulent market conditions.
Another advantage of investing in gold is that it's one of the few assets with virtually zero counterparty risk. You still have your shares even if your stock portfolio falls. Gold can be worth more than its investment in a company that defaults on its obligations.
Finally, gold is liquid. This means that you can sell gold anytime, regardless of whether or not another buyer is available. It makes sense to buy small quantities of gold, as it is more liquid than other investments. This allows one to take advantage short-term fluctuations within the gold price.
How is gold taxed in Roth IRA?
An investment account's tax rate is determined based upon its current value, rather than what you originally paid. All gains, even if you have invested $1,000 in a mutual funds stock, are subject to tax.
You don't pay tax if you have the money in a traditional IRA/401k. Dividends and capital gains are exempt from tax. Capital gains only apply to investments more than one years old.
These rules vary from one state to another. Maryland requires that you withdraw funds within 60 business days after reaching the age of 59 1/2. Massachusetts allows you to delay withdrawals until April 1. New York offers a waiting period of up to 70 1/2 years. To avoid any penalties, plan your retirement savings and take your distributions as early as possible.
Statistics
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
External Links
bbb.org
cftc.gov
forbes.com
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
irs.gov
How To
Gold IRAs: A Growing Trend
Investors are increasingly turning to gold IRAs as a way to diversify and protect their portfolios from inflation.
Owners can invest in gold bars and bullion with the gold IRA. This IRA can be used to grow your wealth tax-free and is an alternative option to stocks and bonds.
A gold IRA allows investors the freedom to manage their wealth without worrying about volatility in the markets. The gold IRA can be used to protect against inflation or other potential problems.
Physical gold is also a great investment option, as it has unique properties like durability, portability, divisibility, and portability.
In addition, the gold IRA offers several other advantages, including the ability to quickly transfer ownership of the gold to heirs and the fact that the IRS does not consider gold a currency or a commodity.
Investors looking for financial security are increasingly turning to the gold IRA.
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By: Jamie Redman
Title: Stablecoin Market Sees Varied Performances Last Month
Sourced From: news.bitcoin.com/paypal-and-first-digital-stablecoins-dominate-in-december-as-binance-usd-heads-toward-extinction/
Published Date: Tue, 02 Jan 2024 16:30:40 +0000
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