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A first in the stable coin market after 2.5 years: It was 168 billion dollars
The total market capitalization of stablecoins, which have a very important place in the cryptocurrency world, exceeded $168 million and broke the all-time record. According to DefiLlama data, the market, where algorithmic stablecoins are excluded, grew by 0.8% last week.
The entire stablecoin market, where algorithmic stablecoins are excluded, broke a record after 2.5 years. Stablecoins reached a total market capitalization of $168 billion. The record was last March of 2022 with $167 billion. Corresponding to the time when the Russia-Ukraine war started, there was also the Terra LUNA crisis and Bitcoin had fallen to 17 thousand dollars. The balances, which were tied to 1 dollar in the stable coin market, were broken for many coins.
According to DeFiLlama data, the market managed to break its record with a growth of 0.8% over the weekend. The fixed coin market, which fell to 120 billion dollars in October 2023, was on the rise as of 2024.
'It points to corporate trust'
BTCMarkets analyst Rachael Lucas, who made evaluations to The Block, stated that the institutional world's confidence in cryptocurrencies may be behind this increase:
âUsually, those looking for stability in uncertain market conditions see stablecoins as safe havens. In addition, increasing interest in stablecoins also indicates that institutional investors' confidence in the crypto market has also increased. Because stablecoins are used a lot by institutional companies that switch between traditional markets and crypto.
Big rise in USDT
While USDT, the largest stablecoin, maintained this position by far, this year it increased its market cap by 28% and increased from $91 billion to $118 billion. USDT also currently owns 70% of the total stablecoin market...
