According to data from DefiLlama and Wintermute, the total stablecoin market capitalization rose above $164 billion for the first time since the Terra crash in May 2022. The metric has been hovering around the $160 billion mark. Wintermute said in a report that the growth "indicates growing investor optimism, supporting a bullish outlook. The increase in stablecoin supply suggests that funds are being deposited into the on-chain ecosystem to generate economic activity, either through direct on-chain purchases that can catalyze price increases or through yield-generating strategies that can improve (market) liquidity. This activity ultimately promotes positive on-chain growth." Blockchain analysis firm Nansen expressed a similar view, calling the growth in stablecoin market capitalization a bullish development.
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