Delphi Daily

Disclosure: Members of our team may own positions in assets mentioned in this report. This statement is intended to disclose any conflict of interest and should not be misconstrued as a recommendation to purchase any token. This content is for informational purposes only and you should not make decisions based solely on it. This is not investment advice.

Market Update

On a day that marks the monthly close, the market appears indecisive and rangebound even with strong performance across the board yesterday. Bearish and unsupportive takes on crypto in the house hearings did not help.

Stablecoin Circulating Supply % In Smart Contracts

  • DAI – the DeFi native stablecoin dominates the contest with 60% of circulating supply deposited into smart contracts. 2nd place goes to USDC with approximately 45%.
  • Less than 20% of Tether in circulation are deposited into smart contracts on Ethereum, most likely due to its wide use as the de-facto stablecoin for transacting on centralized exchanges.

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