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Gemini-The Global Stablecoin Ecosystem-100

A look at the different types of stablecoins, as well as the benefits of stablecoins and how they benefit the DeFi and cryptocurrency ecosystem.

What Are Stablecoins? The Global Ecosystem

Stablecoin technology drives innovation, provides an on-ramp to the crypto ecosystem, and bridges traditional finance with DeFi.

The Global Stablecoin Ecosystem

Stablecoins

Explore our collection of Cryptopedia articles related to Stablecoins. Discover new topics and the latest insights.

Stablecoins Articles - Cryptopedia

The collapse of Terra in 2022, the fall of Silicon Valley Bank earlier this year, and the accompanying USDC depegging event have raised critical questions about stablecoins and associated risks. How can investors diversify their stablecoin holdings to mitigate counterparty risk, what types of infrastructure solutions for stablecoin redemption and creation are required to satisfy extreme volumes?

Claire Ching, Gemini’s Head of Institutional, and Kevin Yedid-Botton, Partner at ParaFi Capital, dove into these questions and more during a recent Gemini Webinar. 

<details>youtube link</details>

They explored __stablecoin risk management__, discussed why __stablecoin diversification__ is critical for players in the crypto space, and demystified the __range of components__ underlying these types of crypto tokens, ultimately shedding light on the dynamic stablecoin landscape. 

Below, we tease out three salient takeaways from the conversation between Claire and Kevin. 

### Diversification Can Protect Against the Unexpected

Despite the variety of dollar-based stablecoins, including [Gemini dollar (GUSD)](https://www.gemini.com/dollar), [USD Coin (USDC)](https://www.gemini.com/prices/usd-coin), and [Tether (USDT)](https://www.gemini.com/prices/tether), diversification is central to a sound stablecoin portfolio. A main differentiator between dollar-based stablecoins is their reserve backing composition, with treasury management teams for each issuer using varied approaches to ensure the token’s 1-to-1 backing. 

To highlight the importance of diversification, Claire and Kevin discussed an example from June when the U.S. government was edging closer to its debt ceiling, and was struggling to get the votes in Congress to raise it. Some stablecoin issuers hold a large amount of their reserves in short-term U.S. treasuries. With the looming risk of U.S. debt default, these issuers made adjustments to their collateral reserve strategy in an effort to mitigate any potential fallout. 

Circle, the company behind USDC, publicly shifted a large portion of its stablecoin reserves away from those short-term treasuries into overnight repurchase agreements (another type of short-term loan used by treasury traders). 

Gemini took a different approach to backing GUSD, known as a barbell approach. We adjusted our treasury holdings to avoid maturity dates during the period that a potential government default could occur (with most treasuries maturing before and after that period, hence “barbell"), reducing exposure to the debt ceiling standoff. 

Overall, Tether has a separate strategy. While it holds a large portion of its USDT reserves in treasuries, it also includes allocations to precious metals, bitcoin, secured loans, and other investments. 

The chart below outlines where these different stablecoin issuers hold their reserves, how they responded to the debt ceiling crisis, and what their reserves looked like as of May 31, 2023 (GUSD and USDC) or as of March 31, 2023 (USDT).

![Blog Stablecoins chart (7)](//images.ctfassets.net/jg6lo9a2ukvr/4P7DDdHhqFutM9ApUW0yTz/277391f096983b5759e59d422cfa3800/Blog_Stablecoins_chart__7_.png)

Sources: [GUSD May Attestation](https://assets.ctfassets.net/jg6lo9a2ukvr/3b9wPZkq9B6J7u2RKB30w4/47ca0a037a6fc61a998344bde28604be/Gemini_Dollar_Examination_Report_05-31-23.pdf), [USDC May attestation](https://www.circle.com/hubfs/USDCAttestationReports/2023/2023%20USDC_Circle%20Examination%20Report%20May%202023.pdf), [Blackrock Circle Reserve Fund](https://www.blackrock.com/cash/en-us/products/329365/circle-reserve-fund), and [USDT Quarterly Attestation](https://assets.ctfassets.net/vyse88cgwfbl/24G4DuQ0HE7h7EQE6vGy4J/8a8a170edf687ea07b3f86048af8b87b/ESO.03.01_Std_ISAE_3000R_Opinion_31-03-2023_BDO_Tether_CRR.pdf). (Percentages rounded to the nearest whole number)

These differences in underlying compositions raise important questions. How well do investors understand the composition of stablecoins? Do they fully grasp an issuer’s treasury management strategies and how reserves are managed? Treasury strategies are crucial for an issuer to effectively redeem stablecoins as needed, particularly during times of crisis.

### Ensuring Seamless and Reliable Creation and Redemption 

Ultimately, the seamless creation and redemption of stablecoins should be the primary concern for any stablecoin issuer. Some issuers do that better than others. GUSD, for example, can be created and redeemed on Gemini in a few steps, all you need is a Gemini account. Similarly, USDC, can be created and redeemed through Coinbase and Circle.

In the case of USDT, the average person lacks direct access to the creation or redemptions levers. Instead, they are reliant on the secondary market, which can lead to significant swings in the value of USDT (not preferable given that these tokens are meant to remain “stable”). 

As Silicon Valley Bank collapsed, USDC’s exposure to the bank raised concerns and the token traded as low as $0.88 USD during that fraught weekend. As arbitrageurs sold USDC for USDT, the price of USDT rose nearly 10% on some exchanges, and didn’t fall back to $1 USD for some time as few individuals have an easily accessible venue to redeem their USDT for dollars. 

This year’s banking crisis highlighted the importance of not only having access to multiple market venues for trading stablecoins, but also the need for institutions to diversify their avenues for creating and redeeming stablecoins.

### Understanding the Components Underlying Stablecoins 

When evaluating dollar-backed stablecoin risks, investors should consider not just the token itself, but also multiple layers of underlying technology and financial infrastructure. The bedrock is the U.S. government, since dollar-backed stablecoins are ultimately U.S.-based and track the value of the dollar.

[Explore different types of stablecoins here](https://www.gemini.com/blog/understanding-stablecoins-theyre-not-all-created-equal). 

There are other elements to consider, too. Banking institutions, trust companies, insurance, blockchain networks, and smart contracts all come into play as other important components to evaluate when assessing a stablecoin. These components create a nested layering of financial and technological infrastructure that must come together seamlessly for the efficient functioning of stablecoins. 

The variation in these components shows that all stablecoins are not created equal, and highlights how stablecoin diversification can help investors more effectively manage risk.

[Click here to learn more about GUSD and to view our monthly reserve attestations](https://www.gemini.com/dollar).

Last month’s [webinar](https://youtu.be/Q2mQcwz_Kwk) with Claire and Kevin set the stage for a greater understanding of stablecoins and the considerations investors should keep in mind. Keep an eye out for more Gemini webinars that will explore important questions in crypto and blockchain. 

Onward and Upward!

Team Gemini

stablecoins (1)

Claire Ching and Kevin Yedid-Botton discuss stablecoin risk management, diversification, and more.

Stablecoin Webinar

Gemini Webinar Recap: Exploring Stablecoin Risk Management and Diversification

*Welcome to our Weekly Market Update.** *Explore weekly crypto price movements, read a quick digest of notable market news, and dive into a crypto topic — today we explore cryptoart and NFTs.*

<a href="#Crypto Movers This Week" target="">__Crypto Movers__</a> 
<a href="#BitcoinBuzz Indicator" target="">__BitcoinBuzz Indicator (*NEW!*)__</a> 
<a href="#What Happened This Week" target="">__Crypto News: What Happened This Week?__</a> 
<a href="#Crypto Topic of the Week" target="">__Topic of the Week: Cryptoart, NFTs, and the Art Industry__</a>



![Frame 1](//images.ctfassets.net/jg6lo9a2ukvr/58jHsmWBP9yk12oiPQHy7X/d201786646b9a775f1cc56bfa5d6cb9b/Frame_1.png)

[Bitcoin (BTC) Price](https://www.gemini.com/prices/bitcoin) | ⬇️ 4.44% | $25,475
---
[Ether (ETH) Price](https://www.gemini.com/prices/ether) | ⬇️ 10.10% | $1,662
---
[Ren (REN) Price](https://www.gemini.com/prices/ren) | ⬇️ 32.70% | $0.05196
---
[GeoJam (JAM) Price](https://www.gemini.com/prices/geojam) | ⬇️ 31.60% | $0.00062
---
[ApeCoin (APE) Price](https://www.gemini.com/prices/apecoin) | ⬇️ 28.80% | $2.065
---
---

Crypto prices as of Friday, June 16, 2023, at 10:05am ET. Percentages reflect trends over the past seven days. C[heck out the latest crypto prices here](https://www.gemini.com/prices). All prices in USD.



![BTCBuzz bar new](//images.ctfassets.net/jg6lo9a2ukvr/1rWHPHvYasYs5iGkEwAdNj/cd2a9053ae449b5e2bd8de0d6cb7667b/BTCBuzz_bar_new.png)

![0616 Dial](//images.ctfassets.net/jg6lo9a2ukvr/1svmmCxpQPRZCdqXuifUVi/2158f9f68e69002140e40e74aa2d3adf/0616_Dial.png)

*[BitcoinBuzz](https://www.gemini.com/blog/introducing-geminis-bitcoinbuzz-btc-sentiment-indicator) data as of 5:15pm ET on June 15, 2023.*

Today, we’re thrilled to include the BitcoinBuzz Sentiment Indicator for the first time in our Weekly Market Update. BitcoinBuzz is a cutting-edge BTC indicator, with a score between 1-10, that offers a comprehensive view of price movements. By harnessing in-depth sentiment analysis, BitcoinBuzz combines news sentiment, on-chain BTC flows, Gemini BTC volumes, BTCUSD price momentum, and BTCUSD breadth.

[Read our introduction to the BitcoinBuzz Indicator here](https://www.gemini.com/blog/introducing-geminis-bitcoinbuzz-btc-sentiment-indicator). Check back every Friday for an updated score!



![Frame 2](//images.ctfassets.net/jg6lo9a2ukvr/3fLGH51mwRO1exijuSQ0Jl/5e88bcfcc6cff39126724253397cd148/Frame_2.png)
### Takeaways 

- The U.S. Federal Reserve held its key interest rate steady at 5-5.25% at its June meeting, ending a run of 10 consecutive rate hikes. The move was supported by cooling inflation, which hit its lowest level in two years. 
- Crypto prices failed to rally following the Fed decision and dipped Wednesday night into Thursday morning as Tether (USDT) periodically de-pegged, spurred by imbalances in the Curve 3Pool liquidity pool. 
- Little-known crypto company Prometheum emerged onto the scene. Its co-founder testified in Congress that the SEC has provided clear rules for crypto, an opinion that contrasts starkly with the standard crypto industry stance. 
- The release of the Uniswap v4 draft buoyed UNI as the company prepared upgrades to its protocol. 

<details>signup link</details>

__Fed Pauses Interest Rate Hikes Amid Cooling Inflation__

The [U.S. Federal Reserve held the Fed Funds rate](https://www.nbcnews.com/business/economy/federal-reserve-interest-rate-decision-june-2023-pause-how-much-rcna88922), its key interest rate, steady at 5-5.25% on Wednesday, as expected. This is the first “no change” decision after 10 consecutive rate hikes of varying magnitudes. The Fed’s statement and press conference struck a hawkish tone, however, signaling the Fed is [prepared to continue raising rates](https://www.cnbc.com/2023/06/14/fed-rate-decision-june-2023.html) if inflation remains stubborn. 

The Fed dot plot [raised projections for interest rates to ~5.6%](https://www.cnbc.com/2023/06/14/the-fed-forecasts-two-more-hikes-this-year-taking-rates-as-high-as-5point6percent.html), indicating two potential further rate hikes by the end of the year. [Stocks initially fell](https://www.tradingview.com/symbols/SPX/) on the prospect of more rate increases later this year but staged a comeback to end slightly in the green at the end of the session on Wednesday.

A day prior to the Fed decision, U.S. consumer price index (CPI) data showed that [inflation had cooled to 4% in May](https://www.reuters.com/markets/us/us-consumer-prices-slow-may-core-inflation-sticky-2023-06-13/) compared to the same time last year, its lowest level in over two years. Slowing inflation [helped ease pressure](https://www.nbcnews.com/business/economy/federal-reserve-interest-rate-decision-june-2023-pause-how-much-rcna88922) on officials’ decision-making in the U.S. Federal Reserve's federal open market committee (FOMC) meeting that took place on Wednesday. 

__Crypto Prices Stumble as Stock Markets Add to Gains__

Crypto prices continued to decouple from the traditional equity markets this week. Month-to-date [bitcoin (BTC)](https://www.gemini.com/prices/bitcoin) and [ether (ETH)](https://www.gemini.com/prices/ether) are down ~7.8% and ~10%, respectively, while the [S&P 500](https://www.tradingview.com/symbols/SPX/) and [NASDAQ](https://www.tradingview.com/symbols/NASDAQ-NDX/) are trading up ~6.8% and ~12.8%, as the recent regulatory scrutiny in the U.S. has put pressure on crypto prices and has weighed down investor sentiment. 

Conversely, U.S. stock markets have [added to their recent gains](https://www.tradingview.com/symbols/SPX/), hitting 12-month highs. The [S&P 500](https://www.tradingview.com/symbols/SPX/) touched ~4,391 on Wednesday while the [NASDAQ](https://www.tradingview.com/symbols/NASDAQ-NDX/) closed at ~15,005, levels not seen since April 2022. Stocks continued to rally on Thursday.

Recent stock market gains have been buoyed by semiconductor and software industries in particular, with the [interest in artificial intelligence](https://www.bloomberg.com/news/articles/2023-06-08/ai-stocks-supercharge-a-tech-bull-market-and-maybe-a-bubble) continuing to grow. [Nvidia (NVDA)](https://www.tradingview.com/symbols/NASDAQ-NVDA/), the world’s largest GPU manufacturer, for example, has seen its stock price surge more than 180% this year. 

__Tether (USDT) Experiences Intermittent De-peg, Impacting Crypto Markets__

[Crypto prices](https://www.gemini.com/prices/bitcoin) abruptly fell late Wednesday, after largely trading sideways following the Fed decision to pause interest rate hikes. The sudden price drop [may have been sparked](https://www.coindesk.com/markets/2023/06/15/usdt-selling-on-curve-uniswap-spooks-traders-amid-bitcoin-drop/) by a liquidity pool imbalance on Curve, which was driven by a selloff of the world’s largest stablecoin, [Tether (USDT)](https://www.gemini.com/prices/tether). USDT eventually drifted temporarily from its 1:1 USD peg.

On Wednesday evening, the Curve 3Pool, [one of the most popular](https://www.theblock.co/post/234822/tether-depeg-curve-3pool) DeFi [liquidity pools](https://www.gemini.com/cryptopedia/what-is-a-liquidity-pool-crypto-market-liquidity) for stablecoin trading, became heavily imbalanced. The USDT balance in the pool increased to over 70%, indicating that traders were selling USDT for other stablecoins, and the [price of USDT de-pegged](https://cointelegraph.com/news/curve-pool-imbalance-usdt-depeg-concerns-tether-cto-calls-it-fud) to ~$0.996 at one point. 

__Little-Known Prometheum Emerges as a Regulated Crypto Company, Raising Eyebrows__

Following last week’s SEC lawsuits lodged against [some of the world’s largest crypto companies](https://www.forbes.com/sites/digital-assets/2023/06/08/sec-civil-suits-against-binance-and-coinbase-suggest-different-approach-to-each-exchange/?sh=ab3c4574193e) and a concerted call from the industry for more regulatory clarity in the U.S., [a peculiar story](https://cointelegraph.com/news/who-is-prometheum-what-testify-congress-about-crypto-sec) regarding little-known crypto company Prometheum emerged. 

Earlier this week, Prometheum co-founder [Aaron Kaplan testified](https://cointelegraph.com/news/us-lawmaker-invokes-sec-lawsuits-in-considering-crypto-regulatory-framework) before the U.S. House Committee on Financial Services to discuss regulatory clarity in crypto. [During his testimony](https://www.pionline.com/cryptocurrency/house-lawmakers-disagree-new-crypto-bill), Kaplan stated that “there is a compliant path forward for crypto in the United States that the SEC has clearly laid out.” 

These comments contrast with recent views expressed by the SEC’s latest targets, [Binance](https://www.prnewswire.com/news-releases/binance-statement-in-response-to-sec-complaint-301842628.html) and [Coinbase](https://decrypt.co/143612/coinbase-plans-to-fight-sec-lawsuit-carry-on-with-business-as-usual). [Kaplan added that](https://www.pionline.com/cryptocurrency/house-lawmakers-disagree-new-crypto-bill) “those who argue for new laws are simply not willing to comply with the existing applicable securities laws and regulation.” That Prometheum has largely flown under the radar thus far, despite being founded six years ago and gaining approval from the SEC and FINRA, has [raised plenty of questions](https://beincrypto.com/sec-prometheum-broker-approval-crackdown-crypto/).

__Positive Market Reaction to Uniswap v4 Release__

The market reacted positively to [Uniswap Labs’ newest protocol update](https://blog.uniswap.org/uniswap-v4): Uniswap v4, helping [UNI](https://www.gemini.com/prices/uniswap) avoid the larger DeFi price drops experienced by the majority of altcoins this week. 

Among the major updates in Uniswap v4 is the [introduction of “hooks,”](https://blog.uniswap.org/uniswap-v4) plugins that will allow developers to create custom liquidity pools. Developers would be able to add new features to pools including on-chain limit orders, dynamically adjusting fees and automatic deposits to lending protocols. There is no official release date for the v4 platform currently, with the code to receive further updates as the team gathers community feedback.

-From the Gemini Trading Desk



![CryptoNews (1)](//images.ctfassets.net/jg6lo9a2ukvr/7lhLoMRA8UoD248pBNCy7d/aaea9f345ffc5a5c21dc602eea9b354f/CryptoNews__1_.png)

### Cryptoart, NFTs, and the Art Industry

Cryptoart is digital art that lives on the blockchain in the form of non-fungible tokens (NFTs). This fast-emerging sector is disrupting the art industry for artists, dealers, and investors alike — and creating a far more accessible, equitable, and inclusive art market. Today, we explore the origins of cryptoart and NFT art, as well as how artists may benefit from the proliferation of this new art medium. 

__From digital art to cryptoart__

Emerging around the 1970s, digital art has become one of the more popular subgenres of contemporary art. Digital art may refer to artworks created or enhanced with software, digitally rendered animations, or interactive art consumed through a digital device. There is also “generative” digital art, which artists produce mostly by using algorithms.

Some digital artists use blockchain technology itself as their medium — employing custom software and code, along with a slew of new [decentralized applications (dApps)](https://www.gemini.com/cryptopedia/decentralized-applications-defi-dapps) to create their work. Once it’s on the blockchain, digital art falls into the realm of cryptoart. So what is cryptoart exactly? As with all things crypto, the vocabulary and definitions surrounding this art movement are dynamic and iterative, but there is a baseline distinction: Cryptoart is art on the blockchain — natively published as an NFT.

These rare digital artworks — interchangeably termed crypto-collectibles, NFT art, nifties, or cryptoart — are represented by [unique and provably rare tokens](https://www.gemini.com/cryptopedia/nft-non-fungible-token-crypto-collectibles). 

__The rise of cryptoart and NFTs__

Before NFT art captured the zeitgeist, early projects like Monegraph in 2014 and Rare Pepe in 2016 allowed users to register collectibles on blockchain networks. In 2017, a new vehicle for digital art emerged with Ethereum’s introduction of the [ERC-721 standard](https://www.gemini.com/cryptopedia/glossary#erc-721-tokenization-standard), enabling the creation of NFTs and springboarding the cryptoart movement into existence. 2017 saw the rise of [CryptoPunks](https://www.gemini.com/cryptopedia/what-are-cryptopunks-market-buy-cryptopunk-price), [CryptoKitties](https://www.gemini.com/cryptopedia/cryptokitties-nft-crypto-ethereum-token), CurioCards, and Dada.nyc — paving the way for the NFT art movement.

__Blockchain enters the mainstream art market__

The development of cryptoart has not been limited to the fringes of the internet. In 2018, Christie’s New York became the first auction house to register a sale on a blockchain platform with its $318 million USD sale of the Barney A. Ebsworth collection. This collection featured artwork by landmark American artists Edward Hopper and Georgia O’Keeffe, among others. 

[Read more about fine art and blockchain here](https://www.gemini.com/cryptopedia/fine-art-on-the-blockchain-nft-crypto#section-high-art-embraces-blockchain-fine-art).

Mainstream acknowledgment of the [blockchain art sector](https://www.gemini.com/cryptopedia/fine-art-on-the-blockchain-nft-crypto) reached a tipping point in 2021 with the sale of digital artist Beeple’s “Everydays — The First 5000 Days.” An entirely digital crypto art piece, it sold for $69 million USD at Christie's. The sale made Beeple one of the wealthiest artists alive in the world today. 

Now, there are multitudes of NFT art marketplaces such as [Nifty Gateway](https://www.gemini.com/cryptopedia/nifty-gateway-nifty-marketplace-nifties-beeple-nft), OpenSea, [Rarible](https://www.gemini.com/cryptopedia/rarible-nft-art-marketplace-rari-coin), and KnownOrigin, each with unique value propositions. Fine-art specific NFT marketplaces include Maecenas, Masterworks, Artchain.world, Aditus, and Portion.

__How artists can benefit from NFT marketplaces__

The plethora of online NFT marketplaces is good news for artists and collectors, as these markets are typically more accessible, approachable, equitable, and inclusive than storefront galleries. 

The most important benefit for artists may be that they can get paid equitably for their work. In the traditional art model, an artist typically gets 50% of an artwork’s sale price and the gallery takes the other 50%. If the piece is resold, the artist receives no royalties. In the cryptoart world, however, an artist can earn 80% or more of the initial sale price, depending on the venue, and a standard of 10% or more of all secondary sales.

Further, these funds don’t need to be tracked down or negotiated. They are cryptographically secured and guaranteed by autonomous [smart contracts](https://www.gemini.com/cryptopedia/crypto-smart-contracts-explained) on the blockchain. NFTs automatically authenticate the art and track its [provenance](https://www.gemini.com/cryptopedia/glossary#provenance) and value as it changes hands.

See you next week. Onward and Upward!

Team Gemini

**This material is for informational purposes only and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of Gemini. Gemini, its affiliates and its employees do not make any representation or warranty, expressed or implied, as to accuracy or completeness of the information or any other information transmitted or made available. Buying, selling, and trading cryptocurrency involves risks, including the risk of losing all of the invested amount. Recipients should consult their advisors before making any investment decision. Any use, review, retransmission, distribution, or reproduction of these materials, in whole or in part, is strictly prohibited in any form without the express written approval of Gemini.*

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Tether (USDT) is a stablecoin that aims to retain a 1:1 peg with the U.S. dollar. Founded in 2014, it has grown into one of the largest stablecoins by market capitalization. Tether claims to be backed 100% by reserves that include fiat currency and cash equivalents.

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