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Guosheng securities, the depth of blockchain industry: look again at the deleveraging of stable currency, improving ＂quality＂ and compliance

Time : 10/04/2022 Author : ul8tj7 Click : + -
        : about 5%. Although usdc is superior, it has also encountered false or real allegations. We believe that we should pay particular attention to the following: 1) there are regulatory and operational risks in the "deposit and loan" business carried out by circle through its Bermuda branch; 2) In the current market environment, some elements from which usdc obtains users' trust may also expose itself to greater risk of being run, for example, supporting retail investors' real-time redemption. Looking forward to supervision and licensing. ". 1. After the Luna incident, the market is concerned about the leverage level of the encryption market, whether there are risks in other stable currencies, and what is the balance sheet behind the stable currency. In this paper, we will focus on the stable currency track again, and analyze the industry changes through the data on the chain.
 
        4. On May 9, UST, the third largest dollar stability currency, and Luna, its underlying asset token, began to break down, and the price of both "returned to zero" within a week. 5. Ust is not the first stable currency to collapse, but it has triggered a liquidity crisis in institutions such as Sanjian capital and blockfi. The related liquidation risks have plunged the crypto world into a long deleveraging mode, and even extended to the traditional financial field, with unprecedented impact. 6. From May 8 to 13, the market value of ust and Luna fell by 81% and 92% respectively, while the market value of crypto assets, defi lock up and stable currency fell by 23%, 26% and 12% respectively.
 
        7. The estimated leverage ratio of bitcoin transactions, Dai supply, and the total outstanding loans of loan agreements such as ave and compound, which can be used to observe the leverage ratio of the encryption market, also fell one after another within five or six days after the sharp decline of UST, with a decline of about 12% to 29%. 12. From May 8 to 13, the proportion of the market value of usdt, usdc and bus mortgage stable currencies in the market value of all stable currencies increased by 3.59%, 4.17% and 1.01% respectively, while UST, MIM and FraX algorithm stable currencies decreased by 6.98%, 0.4% and 0.38% respectively, and the Dai of encrypted asset mortgage stable currencies decreased by 0.62%.
 
        14. We note that on May 9, after ust broke its anchor, the circulation of usdc increased significantly, while the circulation of usdt fell sharply. As the anchoring degree of the two is close to that of the US dollar, the market value of usdc is significantly close to that of usdt. 15. From May 8 to July 5, the market value of usdt decreased by 21%, while the market value of usdc increased by 15%. The market value gap between usdc and usdt narrowed by $24.4 billion, and the catch-up momentum of usdc was obvious. 17. We found that compared with other stable currencies other than usdt, the advantages of usdc are: 1) early launch and first mover advantage; 2) High anchoring with USD; 3) Exchange support.
 
        18. Compared with usdt, the advantages of usdc include: 1) the issuer has multiple licenses such as New York bit, and the custodian bank includes a number of well-known U.S. banks; 2) Support real-time redemption, which is more friendly and convenient for retail investors; 3) The monthly disclosure of underlying asset data is more frequent than the quarterly disclosure of usdt; 4) The proportion of legal currency in cash is higher, "better quality". 20. Although usdc is superior, it has also encountered false or real allegations. We believe that we should pay particular attention to the following: 1) there are regulatory and operational risks in the "deposit and loan" business carried out by circle through its Bermuda branch; 2) In the current market environment, some elements from which usdc obtains users' trust may also expose itself to greater risk of being run, for example, supporting retail investors' real-time redemption.
 
        22. Taking note of the release of the contents of several special bills on the stability currency, such as "Lummis Gillibrand" since 2022, we believe that: 1) the "fixed-point" regulation of the stability currency in the United States is on the verge, and the process after the mid-term election will be accelerated; 2) The threshold for issuing stable currency will be greatly raised, close to "traditional" banks, including full reserves, short-term redeemable, etc; 3) There is no stable currency that can meet the regulatory requirements of the United States federal and New York State, but in the long run, strict regulation will further benefit the stable currency giants such as usdc and usdt. This website is used for investment, learning and research. If your articles and reports are not willing to be displayed on our platform, please contact us. Thank you! Bad information reporting phone: reporting email: scan, Huibo mobile terminal download!.
 
        
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