Gate Research: Global Stablecoin Supply Hits Record High | Grayscale Advances TAO Trust Product Registration

Crypto Market Overview

• BTC (4.31% | Current Price: 115,308 USDT): After the sharp decline on October 11 (with a low near $102,000), BTC has shown signs of a rebound. The price is currently trading above the MA5, with moderate momentum, but faces resistance in the $115,500–$116,000 range. A volume-backed breakout could push BTC further toward the previous highs at $118,000–$120,000. On October 10, BTC ETFs recorded a net outflow of $4.5 million, with BlackRock IBIT seeing an inflow of $74.2 million and Fidelity FBTC an outflow of $10.2 million.
• ETH (11.77% | Current Price: 4,159 USDT): Impacted by tariff news and USDE depegging, ETH experienced a sharp volume-driven drop on October 11, briefly reaching $3,394, before stabilizing and rebounding strongly. ETH is currently consolidating around $4,150. If it holds this level and breaks above $4,200 with volume, it could move toward $4,350–$4,400. Conversely, a drop below $4,050 may retest support near $3,850. On October 10, ETH ETFs saw a net outflow of $174 million, including $80.2 million outflow from BlackRock ETHA and $30.1 million outflow from Fidelity FETH.
• Altcoins: Most major altcoins have rebounded slightly, with market sentiment remaining “neutral.” The Fear & Greed Index stands at 38, in the fear zone, indicating limited risk appetite and relatively cautious market sentiment.
• Macro: On October 10, the S&P 500 fell 2.71% to 6,552.51; the Dow Jones dropped 1.90% to 45,479.6; and the Nasdaq declined 3.56% to 22,204.43. As of October 13, 3:00 AM (UTC), spot gold is trading at $4,047 per ounce, up 0.73% over the past 24 hours.

Trending Tokens

SNX – Synthetix (+87.3%, Market Cap: $609M)

According to Gate data, SNX is trading at $1.77, up approximately 87.3% over 24 hours. Synthetix is an Ethereum-based decentralized synthetic asset protocol that allows users to mint and trade Synths, whose values are derived from fiat currencies, commodities, stocks, or crypto. SNX serves as collateral for these assets, providing on-chain exposure and acting as a liquidity layer in the DeFi ecosystem.

The recent rally is driven by two major factors. First, Synthetix announced plans to launch the first Ethereum-based decentralized perpetual contract exchange (DEX) in Q4, expected to boost protocol trading volume and token demand. Second, after the market dip on October 11, capital flowed rapidly back into fundamentally strong projects, with SNX leading the rebound, at one point gaining over 100% and reaching a 2025 high. Additionally, Synthetix will host a mainnet trading competition, inviting 100 top traders to compete for a $1M prize, further increasing market attention and token demand.

DASH – Dash (+50%, Market Cap: $720M)

CoinGecko data shows DASH trading at $58.56, up about 50% over 24 hours. Dash is a fast, privacy-focused, divisible open-source P2P cryptocurrency designed for instant and anonymous transactions, suitable for online payments.

The recent surge is largely driven by a revival in the privacy coin sector. With Zcash leading the privacy coin rally, capital is flowing back into this historically undervalued space. As mainstream gains slow and liquidity searches for new narratives, privacy assets are regaining favor due to their payment and anonymity features. Renewed regulatory discussions around stablecoins have also heightened attention on privacy payments and decentralized settlement, positioning privacy coins like DASH as potential “alternative payment layers” in future regulatory frameworks. DASH’s strong payment use case and network stability make it a prime target for capital allocation.

TAO – Bittensor (+40.1%, Market Cap: $3.978B)

Gate data shows TAO trading at $412, up 40.1% over 24 hours. Bittensor is an open-source decentralized machine learning network protocol designed to create a trustless, incentivized AI market. The native token TAO is used to reward participants contributing compute power, data, and models, and is also used for transaction fees, governance, and accessing AI services.

TAO’s surge is driven by two key developments: Grayscale’s push for trust product registration and ecosystem expansion. Grayscale filed Form 10 for the Bittensor Trust (TAO) with the SEC; if approved, the private holding period could be shortened from 12 to 6 months, increasing liquidity and paving the way for institutional participation. This move is seen as a major step toward mainstream adoption. Simultaneously, the launch of the Bittensor Universe Index by TrustedStake and Bittensor, modeled after the S&P 500, reinforces confidence in TAO’s long-term ecosystem value and institutional narrative.

Alpha Insights

Global Stablecoin Supply Surpasses $301.5 Billion, Reaching All-Time High

According to the latest on-chain data, the total global stablecoin supply has exceeded $301.5 billion, setting a new all-time high. This growth highlights the accelerating expansion of the stablecoin market, particularly amid ongoing regulatory compliance efforts and increasing institutional adoption. Stablecoins are becoming one of the most reliable asset classes within the global crypto-financial system.

The record supply reflects sustained demand for on-chain US dollar liquidity. Against the backdrop of rising uncertainty in traditional markets and the recovery of yield-generating DeFi assets, stablecoins have evolved from a medium of exchange into a “crypto liquidity anchor.” Institutional participation and entry by major payment players, such as PayPal and Visa, are pushing stablecoins into mainstream financial infrastructure. Their market size is expected to continue growing, positioning stablecoins as a core driver of the ongoing “on-chain dollarization” trend.

USST Launched by STBL (Tether Co-Founder) Experiences Continued Depegging

Market monitoring data shows that USST, a stablecoin issued by STBL (co-founded by Tether’s Reeve Collins), has continued to experience depegging since its launch. USST briefly fell to $0.9620 today before slightly recovering to around $0.9746, still below its intended 1:1 peg to the US dollar. This has raised concerns about its reserve mechanism and stability.

The USST depegging underscores the transparency and reserve trust risks of emerging stablecoin projects. Despite the project’s affiliation with Tether co-founder credibility, market trust in this “new stabilization mechanism” still requires time to establish. In the short term, this event may dampen investor confidence in algorithmic or experimental stablecoins and serves as a reminder that regulatory compliance, transparency, and sustainable asset backing are key to long-term viability amid the stablecoin expansion wave.

Grayscale Files SEC Form 10 for TAO Trust

Crypto asset manager Grayscale announced that it has submitted Form 10 with the U.S. Securities and Exchange Commission (SEC) for the Bittensor Trust (TAO). This filing marks the trust’s first step toward becoming a registered reporting company with the SEC, aimed at enhancing transparency and compliance. If approved, TAO Trust shares could be quoted in over-the-counter (OTC) markets, and the private holding period would be shortened from 12 months to 6 months, paving the way for future transition to an exchange-traded product (ETP).

Grayscale’s filing for TAO Trust is an important signal of integration between the AI sector and traditional capital markets. As a leading project combining AI computation with blockchain, Bittensor’s compliance support from Grayscale indicates accelerated institutional involvement in “decentralized AI” assets. In the short term, this move strengthens market confidence in TAO and provides a blueprint for Grayscale’s expansion into emerging narratives such as AI and DePIN. Long-term, it could become a key milestone for mainstream financial recognition of AI-focused crypto assets.


References

• 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
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