The total supply of US dollar stablecoins has reached 165 billion dollars, hitting the highest level in nearly two years
PANews reported on April 23 that according to data from The Block Data Dashboard, the total supply of stablecoins pegged to the US dollar reached $165 billion over the weekend, which is the highest level in nearly two years. The market value of Ethena's USDe stablecoin has been continuously rising, driving a steady expansion of stablecoin supply. This stablecoin has stabilized at around $2.4 billion in recent days. Ripple stated earlier this month that by 2028, the total supply of the entire stablecoin market will reach $2.8 trillion.
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The central bank sets a major tone on stablecoins for the first time—where will the market go next?
The People's Bank of China held a meeting to crack down on virtual currency trading and speculation, clearly defining stablecoins as a form of virtual currency with risks of illegal financial activities, and emphasized the continued prohibition of all virtual currency-related businesses.
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