The combined market capitalization of the stablecoins reached its peak in March 2022, marking a turning point from which a downward trend emerged.
Despite this decline, there has been a notable increase in whale interest in stablecoins. Large holders of Tether, USDC, and DAI have significantly boosted their holdings, with the current amounts being the highest since November 2021, February 2023, and December 2020, respectively. These staggering numbers indicate that major investors have not completely exited the crypto market; instead, they have opted to hold a significant portion of their assets in stablecoins while waiting for opportune moments to re-enter the market.While stablecoin interest has experienced an overall decline, USDT continues to maintain its dominant position in the sector.
According to CoinMarketCap’s data, USDT’s market cap stands at $25 billion, significantly higher than USDC’s $3.8 billion and BUSD’s $2.4 billion.. Should the outcomes of these lawsuits be unfavorable for Binance, many BUSD holders may seek alternative stablecoins for their investments.USDC, on the other hand, witnessed a significant drop in market capitalization. However, it still accounts for a considerable 53.8% of stablecoin volume, as per data from Dune Analytics.
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