What Is Driving the Surge in Stablecoin Market Capitalization?
09.10.2024 18:30 1 min. read Alexander Zdravkov
CryptoQuant has reported that liquidity within the cryptocurrency market has hit all-time highs.
By the end of September, the market cap of US dollar-pegged stablecoins reached $169 billion, marking a 31% rise since the start of the year.
This increase is primarily driven by Tether’s USDT, which has experienced notable growth in the reserves of centralized exchanges.
As of October, the USDT (ERC20) balances on Ethereum-based exchanges surged to $22.7 billion, reflecting an impressive 54% rise, or $8 billion, since January 2023.
Additionally, centralized exchanges hold approximately $8.5 billion in USDT issued on the TRON network.
Since the onset of the bull market in January 2023, USDT (ERC20) on exchanges has escalated from $9.2 billion to $22.7 billion, representing a 146% increase.
This influx of stablecoins into exchanges signals enhanced liquidity and indicates the possibility of significant market movements.
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