The stablecoin market has recovered significantly from its plunge in the last two years due to the bear market, recording substantial volumes and activity since October 2023.by crypto market intelligence platform IntoTheBlock, the stablecoin market capitalization is currently at $160 billion, and it is steadily aiming for the all-time high of $188 billion recorded during the peak of the last bull cycle.
The market intelligence platform said a high stablecoin market cap deepens liquidity within the crypto space, facilitating more efficient market operations. Stablecoins also support inflows of new capital into the crypto market because investors use them as entry points for fiat currencies. In fact, a rising stablecoin market cap indicates capital inflows into the market, which usually occur during rallies and bull seasons.
The United States spot Bitcoin exchange-traded funds industry has played a significant role in the rise of the stablecoin market cap this year. Institutional investors and traditional finance giants increased their stablecoin holdings to tap into the ETF landscape.Zooming into the stablecoin space, several assets have recorded significant growth separately.
Tether’s closest rival, Circle , follows suit with a market cap of $33.9 billion. Notably, the market share of USDC declined last year after the stablecoin’s issuer, Circle, announced it was affected by the U.S. banking crisis at the time. Crypto firms have also recently introduced new stablecoins into the market. Ethena’s synthetic dollar, USDe, was launched in March and hasPYUSD in August 2023, and the stablecoin now has a market cap of more than $202 million. Crypto solutions provider RippleAI Will be One of those Areas Where Blockchain has Genuinely Improved: Flare Network’s CEO Hugo Philion One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted.
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