CDS Crypto News DefiLlama Data: Stablecoin Market Cap Achieves $168 Billion Record High
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DefiLlama Data: Stablecoin Market Cap Achieves $168 Billion Record High

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DefiLlama Data Stablecoin Market Cap Achieves $168 Billion Record High

Stablecoin Market Cap Reaches All-Time High: Signals New Crypto Influx

Stablecoin Market Cap Reaches All-Time High: Signals New Crypto Influx

The market valuation of stablecoin has increased steadily over the past 11 months to an all-time high of $168 billion. The entire market cap of stablecoins is currently at an all-time high, surpassing its previous peak from March 2022, according to DefiLlama data.

In March 2022, the market peaked at $167 billion, but it quickly fell, reaching just $135 billion by the end of the year. Dynamo DeFi, a cryptocurrency expert, stated in a post on August 26 on X that he believes this to be an indication that “New money is entering crypto.”

And just like that, we’re at a new all-time high. Total stablecoin market cap, excluding algorithmic stables, is now at the highest point ever, surpassing its previous high from early 2022,

Scott

Stablecoin Giants: Tether Reaches $117 Billion, Circle USD Climbs to $34 Billion

Tether has been the front-runner among stablecoins. USDT had a $91.69 billion market capitalization not long after year-end. Its market value reached above $117 billion for the first time in August 2024, after consistent monthly rises throughout the year. On the other hand, despite being much below its all-time high of $55.8 billion in June 2022, Circle USD has experienced a year of growth, attaining a market worth of nearly $34 billion, its highest point for 2024.

A July analysis from CCData states that decreased trading activity on centralized exchanges caused stablecoin trading volumes to drop 8.35% to $795 billion last month. The analysis attributes the decline in stablecoin trading activity on centralized exchanges during July to MiCA restrictions, which have sparked worries about the future of USDT in Europe. According to CoinMarketCap, the market’s trading volume is currently slightly above $46 billion, indicating that the trend has persisted into August.

FAQ

What is the Significance of the Stablecoin Market Cap Reaching $168 Billion?

This milestone indicates a growing demand for stablecoins, reflecting increased confidence in the cryptocurrency market.

Which Stablecoins Contributed the Most to the $168 Billion Market Cap?

Leading stablecoins like Tether (USDT) and Circle USD (USDC) were major contributors to the record market cap.

What Factors Led to the Stablecoin Market Cap Reaching $168 Billion?

Factors include increased adoption, market recovery, and growing interest from institutional investors.

For more up-to-date crypto news, you can follow Crypto Data Space.

DefiLlama Data: Stablecoin Market Cap Achieves $168 Billion Record High
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lectertodd

Lectertodd is 27 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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