Stablecoin

2024

According to data from DefiLlama, the total market value of stablecoins, excluding algorithmic varieties, has reached an all-time high.
<h2 id="stablecoin-market-cap-reaches-all-time-high-surpassing-early-2022-record">Stablecoin Market Cap Reaches All-Time High, Surpassing Early 2022 Record</h2>
Over the weekend, the stablecoin market cap rose by 0.8% to over $168.1 billion, surpassing the previous peak of around $167 billion set in March 2022.
After reaching a low of around $122 billion in October 2022, the stablecoin market has begun a steady recovery, and the upward trend has accelerated since the beginning of 2024.
The renewed growth in stablecoin market value suggests a significant influx of capital into the crypto market, potentially driven by institutional investors.
Rachael Lucas, a crypto analyst at BTCMarkets, said in a statement that the rising stablecoin market cap could be an indication of growing confidence in the broader crypto market.
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“Traditionally, demand for stability during uncertain market conditions has driven investors to stablecoins as a safe haven. Alternatively, the increase in stablecoin market value could reflect growing confidence in the crypto market, particularly from institutional investors,” Lucas said.
Lucas also noted that stablecoins are increasingly being used by institutional investors as a bridge between traditional finance (TradFi) and crypto, highlighting the broader trend of integrating stable digital assets into trading strategies and long-term portfolios.
Tether (USDT), the largest stablecoin, has played a major role in this growth, with its market cap increasing by nearly 28% this year, from $91.68 billion at the start of 2024 to $117.84 billion today.
USDT currently accounts for around 70% of the total stablecoin market cap.
Circle’s USD Coin (USDC) also saw growth in 2024, despite some fluctuations in its market cap. USDC’s market cap has risen from $23.8 billion in early January to $34.4 billion today, continuing the positive trend in the stablecoin sector.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/stablecoin-market-cap-reaches-all-time-high-here-are-the-details/" rel="noopener noreferrer nofollow">Stablecoin Market Cap Reaches All-Time High! Here Are the Details</a>

Stablecoin Market Cap Reaches All-Time High! Here Are the Details

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