According to Odaily Planet Daily, according to data from DefiLlama and Wintermute, the total market value of stablecoins has risen above US$164 billion for the first time since the collapse of Terra in May 2022. The indicator has been hovering around the US$160 billion mark.

Wintermute said in a report that the growth indicates growing investor optimism, supporting a bullish outlook. The increase in stablecoin supply shows that funds are being deposited into the on-chain ecosystem to generate economic activity.

Blockchain analytics firm Nansen expressed a similar sentiment, calling the growth in stablecoin market capitalization a bullish development.