Stablecoins’ Market Cap Surged to a New All-Time Hight
26.08.2024 18:00 1 min. read Alexander Stefanov
The total market capitalization of stablecoins, excluding algorithmic ones, reached an all-time high of more than $168 billion over the weekend.
Market capitalization had fallen to about $122 billion in October, but has been steadily rising since the start of 2024.
Rachel Lucas, a crypto analyst at BTCMarkets, suggested that the rise in stablecoin market capitalization indicates increased interest from institutional investors who view stablecoins as a safe haven in uncertain market conditions.
She noted that the growing use of stablecoins by institutions underscores the shift toward integrating these digital assets into trading strategies and long-term portfolios.
The market capitalization of USDT, the largest stablecoin, has grown from $91.6 billion in January to $117.889 billion at the time of writing, now accounting for approximately 70% of the segment’s total market cap.
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