Why does more stablecoin get minted when futures trading becomes more popular? [Simple Summary] This research report uses a lagged regression model to deeply explore the key drivers behind stablecoin growth. The study finds that perpetual funding rates and total crypto market capitalization have significant explanatory power, and USDC and USDT exhibit divergent pro-cyclical and counter-cyclical patterns. Introducing a spread indicator further confirms that on-chain lending demand uniquely drives USDC minting, offering a quantitative perspective on liquidity flows. Learn more 👉: https://t.co/Wil3GZaTD0
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