The capitalization of stablecoins has soared to $176.2 billion

Token Terminal reports that stablecoins have reached a market capitalization of $176.2 billion. This is a record high set against the backdrop of capital inflows into Bitcoin and other altcoins.

In mid-2022, there was a sharp reduction in the supply of stablecoins, but the recovery was not long in coming and began in 2023.

USDT continues to lead among stablecoins, and since November 5, its supply has increased by $8 billion.

However, on American exchanges like Coinbase, traders mainly prefer USDC, whose supply has increased by $2 billion in recent months.