Ki Young Ju, founder and CEO of CryptoQuant, recently explained that while the supply of stablecoins continues to grow, the new volume is not enough to create enough buyer liquidity to drive up the price of bitcoin. He pointed out that the current exchange reserve ratio of bitcoin to stablecoins is about 6:1, which means that there are six times as many bitcoins held on exchanges as stablecoins. In September 2021, the stablecoin reserve was worth around $30 billion. Currently, the entire stablecoin market cap is around $166 billion, but only 21% of these stablecoins are used for trading, down from 50% in 2021. Ki Young Ju believes that while stablecoin supply continues to grow, stablecoins are mainly used for other purposes than trading in the current market cycle.