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Oluwapelumi Adejumo

Tether and Circle mint over $3 billion in stablecoins as Bitcoin slides to $60,000 despite rising supply

Bitcoin recently dropped below the key $70,000 mark and briefly touched $60,000 while the broader crypto market turned fragile, even as stablecoin issuance accelerated. Over a three-day stretch ending Feb. 4, Tether and Circle created more than $3 billion in new USDT and USDC, contributing to a stablecoin market that surpassed $300 billion in 2025. However, on-chain data shows stablecoin balances are being pulled away from exchanges rather than deployed into risk assets, signaling defensive positioning instead of fresh buying power for Bitcoin.
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