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 reco…
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