Crypto: stablecoins and Bitcoin
Whether the dollar tokens hold their peg, how much new supply is coming in, and how Bitcoin trades against gold, stocks and the dollar. From the hourly CoinGecko pull stored in D1.
What a stablecoin is
A token meant to stay worth $1. The issuer holds dollars, mostly short Treasury bills, against every coin. If holders doubt the reserves, the price slips below $1: that gap is the peg risk shown above.
Why the supply matters
New stablecoins are minted when money comes into crypto. A rising supply is cash waiting to buy; a shrinking one means money leaving. The issuers are now large buyers of T-bills, so this links to the Treasury desk too.
Bitcoin vs gold
Both are pitched as money no government can print. Gold has 5,000 years of history and central banks buy it; Bitcoin is younger, smaller and far more volatile. Compare the two volatility numbers above.
Reading correlation
+1 means two assets move together day by day, −1 opposite, 0 unrelated. When Bitcoin's correlation with the S&P is high it trades like a tech stock; when it rises with gold it trades like a hedge.