Stablecoin growth is a reflection of an increase in total crypto market cap following gains in bitcoin and ether this year, the report said.
The launch of new products and regulatory clarity in Europe have helped attract investors to the stablecoin space, JPMorgan said.in U.S. dollar terms, but the expansion doesn't mean it's taking over crypto market share; rather, it is mainly an indication of the increase in total digital asset market cap, JPMorgan said in a research report on Wednesday.is a type of cryptocurrency that's normally pegged to the U.S.
The bank noted that total stablecoin market cap has rebounded to $165 billion, nearing the previous high of $180 billion, which was witnessed before thethis year have triggered an increase in crypto market cap which has led to growth in the supply of stablecoins as these tokens"serve as collateral in crypto lending/borrowing and other crypto transactions," the report said.
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