Stablecoins Cross $190 Billion Market Cap
According to a report by Cryptopolitan, stablecoins have recently surpassed a cumulative market capitalization of $190 billion. Around 60% of this value belongs to the top stablecoin, Tether (USDT), followed by USD Coin (USDC) and then Binance BNB.
Stablecoins are emerging as key cases in transaction facilitation, cross-border payments, and DeFi applications. Stablecoins technology used for digital transfer payments has gained acceptance most among emerging markets. "The rise in stablecoin adoption reflects a growing demand for reliable digital assets," said one industry expert cited in the report.
S&P 500 Cracks 6000 Mark, Boosting the Crypto Market
On November 26, S&P 500 made a historic milestone, closing above 6,000 for the second time in history. Besides being the most traditional measure of performance in equity markets, such a level proves the validity of the event in a historical view. Following the incident, a positive response was also experienced in the cryptocurrency market with Bitcoin and other digital assets recording gains within the very day.
There is an increasing correlation between the crypto and traditional market, stemming from institutional investors' perceptions of Bitcoin as both a speculative asset and a hedge against uncertainty. Cryptopolitan reported that Bitcoin was up by 4% after the rally of S&P 500 driven by optimism from investors.
