Gate Research Institute: Global stablecoin total supply hits a new high | Grayscale promotes TAO accomplice product sign up

Crypto Market Overview

• BTC (4.31% | Current Price 115,308 USDT): BTC is showing signs of a rebound after a rapid decline on October 11 (the low briefly touched around 102,000 USD). The price is currently running above the MA5, and momentum remains moderate, but there is some resistance in the 115,500–116,000 USD range. If it can break through with volume, it may further explore the previous high of the 118,000–120,000 range. On October 10, the net outflow of BTC ETF reached 4.5 million USD in a single day, with BlackRock's IBIT inflowing 74.2 million USD and Fidelity's FBTC outflowing 10.2 million USD.
• ETH (11.77% | Current Price 4,159 USDT): Influenced by tariff news and the decoupling of USDE, ETH experienced a significant volume drop on October 11, reaching a low of 3,394 USD at one point, but then quickly stabilized and rebounded, showing a strong recovery trend in the short term. Currently, ETH is consolidating around 4,150 USD. If it can firmly hold this position and break through the 4,200 USD level with volume, it is expected to further attack the 4,350–4,400 USD range; conversely, if it falls back below 4,050 USD, it may retest the 3,850 USD support level. On October 10, ETH ETF saw a net outflow of 174 million USD in a single day, with BlackRock ETHA seeing an outflow of 80.2 million USD and Fidelity FETH seeing an outflow of 30.1 million USD.
• Altcoins: Most mainstream altcoins have rebounded, and the market sentiment is predominantly “neutral.” The Fear and Greed Index reported 38 today, indicating it is in the panic range, showing that investors' risk appetite remains limited and the market sentiment is relatively cautious.
• Macro: On October 10, the S&P 500 Index fell by 2.71%, closing at 6,552.51 points; the Dow Jones Index dropped by 1.90%, ending at 45,479.6 points; the Nasdaq Index decreased by 3.56%, settling at 22,204.43 points. As of October 13, 11:00 AM ( UTC+8, the spot gold price is currently reported at $4,047 per ounce, with a 24H increase of 0.73%.

Trending Tokens on Juejin

SNX Synthetix (+87.3%, circulating market cap 609 million USD)

According to Gate's market data, the current price of the SNX token is $1.77, having increased by approximately 87.3% in the last 24 hours. Synthetix is a decentralized synthetic asset protocol running on Ethereum that allows users to mint and trade a variety of synthetic assets (Synths), whose value is derived from traditional fiat currencies, commodities, stocks, or encryption currencies. Synthetix provides on-chain exposure for synthetic assets by using the native token SNX as collateral and plays the role of a liquidity layer in the DeFi ecosystem.

SNX has recently rebounded strongly, mainly driven by two major positive factors. Previously, Synthetix announced plans to launch the first decentralized exchange (DEX) based on Ethereum in the fourth quarter of this year, and the market expects this product to significantly boost protocol trading volume and token demand. Secondly, after the crypto market saw a significant decline on October 11, funds quickly flowed back into quality projects with fundamental support, and SNX immediately led the rebound, with an increase of over 100%, breaking through the levels before the crash and setting a new high for 2025. In addition, Synthetix is about to launch a mainnet trading competition, inviting 100 top traders to compete for a $1 million prize, further increasing market attention and token popularity.

DASH Dash (+50%, Market Cap 720 Million USD)

According to data from CoinGecko, the current price of the DASH token is $58.56, which has increased by approximately 50% in the last 24 hours. DASH is a fast, private, and fungible open-source peer-to-peer (P2P) encryption currency that offers instant transactions, has anonymous transaction and currency features, and is suitable for online trading and anonymous payments.

The recent rise of DASH is mainly driven by the overall recovery of the privacy coin sector. With Zcash leading the way in the privacy coin race, market funds have begun to reallocate to this long-underestimated field. In the context of mainstream cryptocurrencies slowing down and liquidity seeking new narratives, privacy assets have regained the favor of traders due to their payment and anonymity features. At the same time, the regulatory topic of stablecoins has heated up again, attracting market attention to privacy payments and decentralized settlements. Investors generally believe that privacy coins are likely to play the role of “payment alternative layer” in the future regulatory landscape. DASH, due to its payment scenario foundation and network stability, has become a key focus for fund allocation.

TAO Bittensor (+40.1%, circulating market cap 3.978 billion USD)

According to Gate market data, the current price of the TAO token is 412 dollars, with a 40.1% increase in the last 24 hours. Bittensor is an open-source decentralized machine learning network protocol designed to create a trustless, incentive-based AI market. Its native token TAO is used to reward participants who contribute computing power, data, and models to the network, and is used for transaction fees, governance, and access to AI services.

TAO has recently surged significantly, primarily driven by the dual benefits of Grayscale's advancement in trust product registration and ecosystem expansion. Grayscale Investments submitted a Form 10 registration statement for the Bittensor Trust (TAO) to the SEC, which, if approved, will shorten the private placement holding period from 12 months to 6 months, greatly enhancing liquidity and paving the way for institutional capital entry. This move is seen as an important signal for TAO's entry into the mainstream investment market. Meanwhile, the Bittensor Universe Index, jointly launched by TrustedStake and Bittensor, constructs a Bittensor ecosystem investment portfolio using a methodology similar to the S&P 500 Index, further strengthening market confidence in its long-term ecological value and institutional narrative.

Alpha Interpretation

The total supply of global stablecoins has surpassed $301.5 billion, setting a new historical record.

According to the latest on-chain data statistics, the total supply of stablecoins worldwide has surpassed $301.5 billion, setting a historical record. This growth signifies that the expansion momentum of the stablecoin market is still accelerating, especially against the backdrop of ongoing compliance processes and institutional adoption, making stablecoins one of the most certain asset classes in the global encryption financial system.

The supply of stablecoins has reached a new high, reflecting the continued growth of market demand for on-chain dollars. Against the backdrop of rising uncertainty in traditional markets and the recovery of DeFi yield-bearing assets, stablecoins have upgraded from a medium of exchange to a “crypto liquidity anchor.” The entry of institutions and payment giants (such as PayPal and Visa) is driving stablecoins into the mainstream financial system, and their market size is expected to continue to expand in the future, becoming a core engine driving the process of “on-chain dollarization.”

Tether's joint venture stablecoin project STBL has continued to decouple since the launch of USST.

According to market monitoring data, the stablecoin project STBL, founded by Tether co-founder Reeve Collins, has seen its issued USST continuously experience de-pegging since its launch. Today, USST briefly fell to 0.9620 USD, and although it has since slightly rebounded to around 0.9746 USD, it still has not restored its 1:1 peg with the US dollar. There are certain concerns in the market regarding its reserve mechanism and stability.

The USST de-pegging incident once again highlights the risk hazards of emerging stablecoin projects in terms of transparency and reserve trust mechanisms. Although the project is backed by the reputation of Tether's co-founder, the market's trust in the “new stable mechanism” still requires time to validate. In the short term, this incident may weaken investor confidence in algorithmic or experimental stablecoins, and it also reminds the market that compliance, transparency, and sustainable asset backing are key to long-term survival in the wave of stablecoin expansion.

Grayscale submits SEC Form 10 for TAO Trust

Crypto asset management giant Grayscale has announced that it has submitted Form 10 for Bittensor Trust (TAO) to the U.S. Securities and Exchange Commission (SEC). This move marks the trust's official first step towards becoming an SEC-registered reporting company, aimed at enhancing its transparency and compliance. If approved, TAO trust shares are expected to be publicly quoted on the over-the-counter (OTC) market, and the private holding period will be shortened from 12 months to 6 months, paving the way for future transformation into an exchange-traded product (ETP).

Grayscale has submitted Form 10 for the TAO trust, which is an important signal of the integration between the AI track and traditional capital markets. Bittensor, as a representative project combining AI computing and blockchain, has received regulatory support from Grayscale, indicating that institutions are accelerating their involvement in “decentralized AI” assets. In the short term, this event not only enhances market confidence in TAO but also provides a template for Grayscale to布局新兴叙事领域 (such as AI, DePIN). In the long term, this move could become a key milestone for AI encryption assets to be recognized by mainstream finance. <br> Reference Materials:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/categories
• Cointelegraph, https://x.com/Cointelegraph/status/1977539963911635377/photo/1
• Geckoterminal, https://www.geckoterminal.com/eth/pools/0x55db32b79de03b2b3093063407581c98f51d37d1?utm_source=coingecko&utm_medium=referral&utm_campaign=searchresults
• X, https://x.com/Grayscale/status/1976761631263858812

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Disclaimer Investing in the crypto market involves high risks, and users are advised to conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. Gate does not take responsibility for any losses or damages resulting from such investment decisions.