2024

World

USDC

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/stablecoins-assert-their-dominance-in-digital-economy" rel="noopener noreferrer nofollow">Stablecoins Assert Their Dominance in Digital Economy</a><br></p>
<p style="text-align: justify">The digital <a href="https://en.bitcoinhaber.net/bitcoin-holds-strong-as-us-economic-indicators-impact-crypto-markets" rel="noopener noreferrer nofollow">economy</a>‘s heartbeat is resonating through the cryptocurrency domain, underscored by the remarkable growth delineated in the 2024 RWA-Real World Asset Report. This document highlights the pivotal role of stablecoins, particularly those pegged to the US dollar, in propelling the adoption of cryptocurrencies.</p>
<h2 id="rise-of-dollar-pegged-cryptocurrencies">Rise of Dollar-Pegged Cryptocurrencies</h2>
<p style="text-align: justify">The report’s key revelations point to the preeminence of US dollar-tethered stablecoins within the crypto sphere. <a href="https://en.bitcoinhaber.net/stablecoin-giant-tether-bolsters-bitcoin-reserves-amid-market-uncertainty" rel="noopener noreferrer nofollow">Tether</a> (<a href="https://en.bitcoinhaber.net/tether-prints-1-billion-usdt-inventory-replenishment-or-market-manipulation" rel="noopener noreferrer nofollow">USDT</a>) leads with a commanding market valuation of $103.9 billion, outpacing USDC at $26.8 billion and Dai at $4.9 billion. With a 71.4% market share, USDT’s supremacy reflects the US dollar’s substantial influence in the sector. Meanwhile, USDC is in a phase of recovery after experiencing a temporary detachment from its dollar peg amid the US banking crisis in March 2023.</p>
<h2 id="us-dollar-s-crypto-market-grip">US Dollar’s Crypto Market Grip</h2>
<p style="text-align: justify">Further insights from the report suggest a negligible presence for stablecoins tied to non-USD currencies, signifying an ongoing US dollar hegemony in the crypto market. Although the crypto ecosystem mirrors the wider financial world’s dollar-centric nature, it also hints at possibilities for greater diversity and competitive dynamics in this space.</p>
<h2 id="stablecoin-market-s-limited-diversification">Stablecoin Market’s Limited Diversification</h2>
<p style="text-align: justify">An in-depth examination of the stablecoin landscape reveals scant diversification beyond those anchored to the US dollar. Collectively, alternative fiat-linked stablecoins like Euro Tether (EURT), CNH Tether (CNHT), Mexican Peso Tether (MXNT), EURC, Stasis Euro (EURS), and BiLira (TRYB) amass a mere 1% of total market share.</p>
<p style="text-align: justify">The report charts the stablecoin market’s overall value progression, peaking at $150.1 billion in March 2024 from a humble $5.2 billion at the start of 2020. Despite fluctuations bringing the value slightly down to $149 billion, the market’s trajectory suggests continued US dollar-pegged stablecoin authority, with some potential for diversification and growth in market shares among differing stablecoins.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/stablecoins-assert-their-dominance-in-digital-economy" rel="noopener noreferrer nofollow">Stablecoins Assert Their Dominance in Digital Economy</a></h5>

Stablecoins Assert Their Dominance in Digital Economy

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