Stablecoin Market Hits Record High of $168 Billion
The stablecoin sector has recently achieved a record market cap of over $168 billion, marking a significant milestone.
This new peak surpasses the previous high of $167 billion set in March 2022, after which the market value had declined significantly.
The stablecoin market bottomed out at around $121 billion in August 2023 but has since experienced a steady rise, reaching its latest all-time high on August 25, 2024.
And just like that, we’re at a new all-time high.
Total stablecoin market cap, excluding algorithmic stables, is now at the highest point ever, surpassing its previous high from early 2022.
New money is entering crypto. pic.twitter.com/xi25HLWlPr
— Patrick Scott | Dynamo DeFi (@Dynamo_Patrick) August 25, 2024
Tether (USDT) continues to dominate this space with a market cap of $117.9 billion and a daily trading volume of $39.2 billion.
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Its value remains close to $1, reflecting its peg to the US dollar. Tether’s market cap has doubled in the past year, driven in part by the issuance of $3 billion in new tokens.
USDC, the second-largest stablecoin, has also seen significant growth, with its market cap rising from $26 billion a year ago to $37.4 billion now.
This growth contributes to the overall increase in stablecoin market capitalization, suggesting a robust influx of new capital into the crypto market.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
