Cryptocurrency exchange-traded product (ETP) trading volumes have plunged over 74% in the last month, as the prices of these products have also been dropping. ETP volumes dropped from $186.5 million in mid-August to an average of $48 million in mid-September.

The total value of stablecoins in the cryptocurrency space has surpassed $20 billion as demand for fiat-pegged cryptoassets has kept on rising so far this year. Tether’s USDT accounts for over $15 billion.

TRON is reportedly partnering with cryptocurrency services provider BitGo to create two new tokens, Wrapped Ether and Wrapped Bitcoin, on the TRON blockchain.

Top stories in the Crypto Roundup today:

• Crypto ETP Trading Volumes Plunged 74% Over the Last Month
• Stablecoins’ Market Cap Hits $20 Billion
• TRON Partners With BitGo to Bring Wrapped BTC, ETH to Its Blockchain

Crypto ETP Trading Volumes Plunged 74% Over the Last Month

Cryptocurrency exchange-traded product (ETP) trading volumes have plunged over 74% in the last month, as the prices of these products have also been dropping. ETP volumes dropped from $186.5 million in mid-August to an average of $48 million in mid-September.

CryptoCompare analysis shows Grayscale’s Bitcoin Trust product, GBTC, represented the “vast majority” of ETP volume and as such accounts for most of the decrease in trading activity. The top three ETPs were Grayscale’s GBTC, and its Ethereum Trust (ETHE) and Ethereum Classic Trust (ETCG), which traded a combined $180 million per day in mid-August, and just over $40 million per day in mid-September.

Throughout the last 30 days, crypto ETP trading activity generally declined. Excluding over-the-counter products – like GBTC, ETHE, and ETCG – the largest product was ETCGroup’s Bitcoin ETP (BTCE), which traded on Deutsche Boerse XETRA. Other large cryptocurrency ETPs include 3IQ’s QBTC product which trades on the Toronto Stock Exchange and BTCW by WisdomTree which trades on Six Swiss Exchange.

Over the last 30 days, Grayscale’s BTC and ETH products represented the largest average daily trading volumes at $49 million and $7.4 million respectively. These experienced significant losses over said period, dropping 20.4% and 43.4% respectively.

Stablecoins’ Market Cap Hits $20 Billion

The total value of stablecoins in the cryptocurrency space has surpassed $20 billion as demand for fiat-pegged cryptoassets has kept on rising so far this year. Tether’s USDT accounts for over $15 billion.

Data from Coin Metrics shows the $20 billion figure was surpassed earlier this year, little over four months after $10 billion were surpassed in May. The main driver of the recent rise is a downtrend in the prices of most cryptoassets, according to  John Todaro, director of institutional research at cryptocurrency analysis firm TradeBlock.

In an email sent to CoinDesk, Todaro wrote:

“Because some exchanges do not offer fiat pairs, stablecoins are the only available option for traders to move risk off into fiat-like assets during periods of volatility.”

Some traders see stablecoins as an intermediary step before putting their money in cryptocurrencies, which are seen as a riskier investment.

TRON Partners With BitGo to Bring Wrapped BTC, ETH to Its Blockchain

TRON is reportedly partnering with cryptocurrency services provider BitGo to create two new tokens, Wrapped Ether and Wrapped Bitcoin, on the TRON blockchain.

These would essentially be synthetic representations of bitcoin and ether on the cryptocurrency’s blockchain in the form of TRC20 tokens. These would be backed 1:1 with their underlying tokens on BitGo.

Wrapped Bitcoin (WBTC) was the first token that made Bitcoin available on the Ethereum blockchain. There are over $820 million worth of WBTC circulating on Ethereum. In a statement Justin Sun, founder of TRON, said they are 2excited to expand TRON’s DeFi potential by partnering with the industry leader BitGo to bring integral cross-chain solutions.” To TRON.

Uniswap's $UNI Launch Asset Flows

Flipside Crypto's labeling of Ethereum's on-chain data provides a clear view of Uniswap's UNI token launch. One billion UNI tokens were minted on September 16th, with 60% earmarked for the community. The project gave away a minimum of 400 UNI to anyone who had used Uniswap prior to September - labeled as "Claimable UNI". The project plans to issue all one billion UNI tokens to the community, founder and the team over the next four

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.