Key Notes
- DefiLlama data shows that the broader stablecoin market cap has hit $301 billion.
- This marks a 2% increase from its level a few days ago.
- Tether’s USDT dominates with $176.36 billion, and Circle’s USDC boasts of $74.33 billion. .
For the first time in history, the total market capitalization of stablecoins has jumped to $300 billion. As is usually the case, Tether’s USD-pegged stablecoin USDT USDT $1.00 24h volatility: 0.0% Market cap: $176.36 B Vol. 24h: $130.17 B and Circle’s USDC USDC $1.00 24h volatility: 0.0% Market cap: $74.29 B Vol. 24h: $19.78 B remain the dominant duo in the market. This boost comes amid a broader crypto market recovery that has seen Bitcoin BTC $120 356 24h volatility: 0.8% Market cap: $2.40 T Vol. 24h: $70.93 B price climb to over $120,000.
Tether and Circle Dominate Stablecoin Market Cap
Stablecoins registered an All-time High (ATH) in market capitalization, coinciding with an uptrend in activities across the crypto industry. According to the data from DeFiLlama, the combined value of this metric for all stablecoins is currently $301.596 billion. This marks a 2% increase over the past week and a 6.5% rally in the last 30 days.
Notably, only Tether’s USDT accounted for as high as 58% of this value, equivalent to $176.36 billion, according to CoinMarketCap data . This is a further show of its dominance in the stablecoin niche. Just after USDT, is USDC with $74.33 billion , more than 50% less than the former’s market capitalization. In addition to USDC’s market share of 24.5%, Ethena’s USDe holds $14.8 billion while MakerDAO’s DAI is at $5.0 billion.
By all indications, the stablecoin market is showing signs of maturation, triggered by the increased usage of this asset class. Stablecoins have found a key position in global trades, payments, and remittances. Nations and investors are gradually recognizing their worth as a store of value, especially during times of market volatility.
As a result of this increased utility, their supply has become a key indicator of capital flows into the cryptocurrency market.
Circle Hints at Transaction Reversibility
Amid the growing demand, USDC issuer Circle is considering the introduction of transaction reversibility.
This means that assets and funds can be recalled after transactions have been completed. According to Circle President Heath Tarbert, the goal of this initiative is to help the industry recover funds siphoned via fraud and other exploits
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