USDC recovered strongly post SVB’s collapse, with a 37% gain in its market share since.Notably, Tether’s USDT has experienced sustained inflows at press time, according to IntoTheBlock. This showed increasing deposits and adoption by many users, especially institutions and individuals.
Many crypto users have turned to USDT as a store of value to avoid fiat fluctuations, local currency devaluations, and inflation.Data from IntoTheBlock verified that there was a low netflow, indicating that most users were keeping their USDT for future use, thus increasing the coins’ reserves and causing instability.
Additionally, AMBCrypto’s analysis showed a sustained rise in on-chain volume throughout the year. This suggested increased demand and usage for USDT over the period., USDC has gained ground with a massive surge in trading volume, from $9 billion in 2023 to $23B in 2024. Equally, USDC’s market cap has surged over the past year.pushed USDC’s market cap to $24B in 2023 from $48B. However, since then, its market share has recovered, gaining over 12% with the market cap increasing to $34B.
This shows greater dominance among institutions and whales as institutions turn to regulated stablecoins.Undoubtedly, the surge in USDT and USDC adoption showed increased interest in stablecoins. The crypto market sentiment has shown favorability, with stablecoins showing sustained growth. According to Defillama, the stablecoins market cap has surged to $160B as of this writing. The data showed a continuous rise from a low of $123B in 2023 to $160 with, USDT enjoying 70%.Gladys is a passionate crypto-enthusiast and price analyst. With 3 years of experience in the blockchain space, she's well aware of the prevailing market trends. Gladys is uniquely committed to providing insightful and real-time content to the larger crypto-community.Subscribe to get it daily in your inbox.