- The stablecoin market has recorded a new all-time high of $177 billion, surging past the previous high.
- The market has seen rapid growth in the past 11 consecutive months.
- Tether’s USDT leads the pack, while USDC and DAI follow close behind.
The stablecoin market is booming, reaching a new all-time high of $177 billion. This marks 11 consecutive months of growth, shattering the previous record set in March 2022. Tether (USDT) is leading the pack, with its market cap surpassing $118 billion. This surge in stablecoin adoption suggests growing interest in less volatile crypto assets, even as the broader crypto market experiences fluctuations.
CoinMarketCap data reveals a substantial increase in stablecoin trading volume, currently at $82.75 billion, up 34%. This growth comes as Bitcoin’s price recently dipped below $60,000, contributing to a 6.5% drop in the total crypto market cap to $2.179 trillion.
Stablecoins are cryptocurrencies designed to maintain a stable value, usually pegged to fiat currencies or commodities like gold. They offer a less volatile alternative to cryptocurrencies like Bitcoin.
When the stablecoin market broke the $167 billion record and hit $168 billion recently, DeFi and crypto analyst Patrick Scott took to X (formerly Twitter) to share his excitement. He said, “New money is entering crypto.”
Tether’s USDT token holds the top spot in the stablecoin market with a market cap of $118,073,550,971. The stablecoin’s 24-hour trading volume has seen a remarkable 32.6% increase, currently at $69.15 billion. Backed by the US dollar, USDT remains stable at $1.00.
Circle’s USDC holds the second position with a market cap of $34,414,351,672. The stablecoin has experienced increased transactions over the past 24 hours; the volume is currently $7.3 billion, up 36.6%. USDC is also backed by the US dollar and is currently valued at $0.9999.
MakerDAO’s DAI stablecoin has become more popular, with its 24-hour trading volume increasing by 32.22%. The token also boasts a notable market cap of $5,364,433,482. Another leading token in the stablecoin market is First Digital USD (FDUSD), which has a market cap of $3,006,077,687 and a 1-day trading volume of $5,344,852,678.
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