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USDT and USDC Drive Stablecoin Market Cap to $211 Billion

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by Giorgi Kostiuk

8 months ago

The stablecoin market soared to $211 billion amid USDC’s positive momentum. Driven by Tether (USDT), the sector has experienced significant growth since 2023.

Growth of the Stablecoin Market

According to a report, the stablecoin market surged by 73% from $121.18 billion in August 2023, hitting an all-time high of $211 billion. Among all stablecoins, USDT shows robust performance.

Dominance of USDT and USDC

The data suggests that USDT and USDC are the most demanded stablecoins in the crypto market. At the time of writing, USDT holds a market cap of $139.45 billion and its ATH market cap of $140 billion was registered in December 2023.

USDC gained an advantage from the recent drawdown in altcoins where investors swapped their crypto holdings into USDC.Alphractal

Impact on Crypto Assets

According to CryptoQuant, the stablecoin market has grown by approximately $40 billion since Donald Trump’s victory in the US election. The growth in stablecoins indicates higher liquidity, suggesting more capital flowing into the crypto market.

The key influence of USDT and USDC on the stablecoin market and increased liquidity could signal a potential rise in prices of other crypto assets such as Bitcoin.

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