Stablecoin market cap rose 0.05% in October to $173 billion, marking the 13th consecutive month of increase since September 2023. Tether became the first stablecoin to surpass a $120 billion market cap, holding 69.9% of the stablecoin market share. Sky's USDS also became the second-fastest stablecoin to reach a $1 billion market cap in just 13 days. This indicates that investors are preparing liquidity to fuel more demand.
Despite this dip, the upward trend in trading volumes has reached figures last seen before Terra's UST collapse. This could imply that participants are increasingly leveraging stablecoins for trading and investment in the crypto market. Meanwhile, USDT stablecoin crossed $120 billion in its market cap, becoming the first stablecoin to achieve this milestone. Moreover, USDT's market share among centralized exchanges rose to 79.1%, reflecting its dominance in thestablecoin market.