The market capitalization of stablecoins has reached a new all-time high of $168 billion, following 11 months of continuous growth.
Data Analysis
According to DefiLlama data, the current stablecoin market cap is at its highest point ever, surpassing its previous peak in March 2022. In March 2022, the market reached $167 billion but soon fell to $135 billion by the end of the same year.
Analyst Comments
Crypto analyst Patrick Scott, also known as 'Dynamo DeFi,' noted in his X post on August 26 that 'we are 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.'
Market Leader Changes
Tether (USDT) remains the leader among stablecoins. At the beginning of the year, USDT's market cap was $91.69 billion. Throughout 2024, this figure steadily increased, reaching over $117 billion for the first time in August. Circle USD (USDC) also showed gains, reaching its highest point for 2024 with a market cap of over $34 billion, although this is still far from its all-time high of $55.8 million in June 2022.
The stablecoin market continues to show steady growth, reaching new highs. Despite a decrease in trading volumes on centralized exchanges due to regulatory measures, the impressive performance of stablecoins like USDT and USDC highlights the importance of this segment in the cryptocurrency market.
Comments