According to external sources, Mike McGlone, a senior macro strategist in Bloomberg intelligence, argues that Tether's United States dollar-stabilized currency, USDST, is expanding its influence and is likely to exceed bitcoin in the future, becoming the world's largest encrypted asset. The central judgement of the article is that the currency of stability, especially the currency that anchors the dollar, is reordering the market value of the encrypted market.
USDT expansion changes market value patterns
McGlone indicates that if the current trend continues, USDT exceeds bitcoin "just a matter of time." In his view, the bottom-up technology in the encryption industry was still attractive, but eventually it was more widely used, possibly as a United States dollar-based chain asset rather than a highly volatile speculative token.
He also mentioned that, as real asset monetization continued to advance, there might be more coins in the market linked to earnings, cash flows or real assets. Once these assets expand, some of the encrypted tokens that lack basic support may come under greater pressure.
Once more than Ether's.
According to the article, USDT has recently briefly surpassed the Ether Workshop to the second largest asset in the encryption market. McGlone believes that this time the USDT's anti-theatron of the Taifeng is probably not as short-term as it used to be.
In his judgement, the rise in the market value of the stable currency was not merely a change in a single asset, but a greater reflection of the preference for transfer of funds within the encrypted market. More funds than volatile assets could flow to price-rigged dollars and use clearer coins.
Keep looking at bitcoin and risk assets.
In addition to the idea of a stable currency, McGlone reiterated the pessimism of the bitcoin, which could fall back to $10,000. He argued that the past rapid increase in bitcoin had been based on a very low interest rate and a large liquidity environment that was changing.
In his view, speculative risk assets, including bitcoin, still faced deleveraging pressures. This judgement is not limited to the encryption market. According to the article, he was able to look at some of the large commodity and stock markets at the same time and expected that the WTI crude oil price might fall around $40 per barrel.
McGlone also indicated that a more visible adjustment in the United States stock market in the second half of the year could further drive commodity prices weaker and increase the pressure on high-risk assets to reverse.