The stablecoin market is on a strong growth trajectory, increasing liquidity and helping to stabilize the cryptocurrency space. This growth can be seen in the two largest stablecoins, Tether USD (USDT) and USD Coin (USDC), which currently account for a large portion of the trading volume in the cryptocurrency market.
The decentralized finance analytics platform IntoTheBlock revealed that USDT and USDC currently account for around 50% of the total trading volume among major cryptocurrencies. The IntoTheBlock analysts said this growth highlights the important role of stablecoins in the cryptocurrency ecosystem.
Source: X
YTD, the stablecoin market has reached several important milestones. In August, the total market capitalization of stablecoins set a new record of nearly $170 billion, reflecting a significant increase in the adoption and recognition of their benefits. The stablecoin market capitalization has now surpassed $173 billion with a daily trading volume of over $18 billion.
Source: Coingecko
Cryptocurrency developers are actively integrating stablecoins into existing payment systems, expanding the use of digital assets in the traditional financial sector. Stablecoins are now widely used in remittance payments and to optimize cross-border transactions. This growth has attracted more users to the ecosystem, increasing the supply of stablecoins and leading to the emergence of new developers like Ripple. At the same time, this development also reflects the growing interest of institutions and larger capital flows in the cryptocurrency market.
In the context of the stability and growth of the stablecoin market, USDT and USDC remain in the lead. Currently, USDT accounts for nearly 70% of the stablecoin market capitalization, increasing from $92 billion at the beginning of the year to $120 billion at the time of writing.
Similarly, USDC has also recorded impressive growth, with an increase of more than 41% from $24 billion at the beginning of January to $34.9 billion as of October 18.
Source: Coingecko
Jeremy Allaire, the CEO of Circle - the issuer of USDC - declared four months ago that stablecoins could account for at least 10% of the global money supply within the next decade, thanks to their potential to revolutionize the financial, commercial, and governance sectors.
According to Allaire, the cryptocurrency industry is still in its early stages, and stablecoins have the potential to become the primary driver of future development and widespread adoption.
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According to CryptoPotato
