DCG’s Grayscale Registers a Record Year but With Depressed Inflows Says Diar
Grayscale has registered a new record year in 2018. The information was released by Managing Director Michael Sonneshein during a conversation with The Block.
This is also in line with the estimates that Diar had about the company. Diar said about institutional investments:
“Institutional investors have grown slightly cold showing inflows less than over 60% than the start of 2018 at the peak of Bitcoin – a total tally of just over $30Mn for 4Q18.”
The report goes on explaining that this still makes a massive win for Grayscale since it closed the weakest quarter of the last year beyond 2017 as a whole.
Another topic that Diar discussed is related to stablecoin losing their speed in the market. Most of the stablecoins outside Tether (USDT) and Dai have seen supply reductions in February. Apparently, they’ve fallen 10% in terms of market capitalization, close to $100 million.
A large number of stablecoins have been released to the market after some controversies regarding Tether and the funds used to back the coins issued to the market. The second largest stablecoin in the market after Tether is USD Coin (USDC) which is used by several exchanges including Coinbase Pro.
Other popular stablecoins are Gemini Dollar (GUSD), Paxos Standard (PAX) and True USD (USD). USD Coin has recently been audited by a company called Grant Thornton that confirmed that Circle has an excess of $54,588 dollars in reserves compared to the coins issued.
At the time of writing, USDC has a market capitalization of $246 million. Now USDC is the 23rd largest digital asset in the market.