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Stablecoin market capitalization has soared to a record $168 billion, marking a period of unprecedented growth over the last 11 months, as per DefiLlama. This surge pushes past the previous high of $167 billion recorded in March 2022, signaling robust investor confidence and a major influx of new money into the crypto sector, notably excluding algorithmic stablecoins.
Crypto analyst Patrick Scott, also known as “Dynamo DeFi,” highlighted this achievement in a recent post, suggesting that the new high is a clear indicator of fresh investments flowing into the market. He noted the persistent retail involvement over the past eight months, although no specific triggers for the recent upsurge were pinpointed.
Leading the charge among stablecoins is Tether (USDT), which alone has witnessed steady monthly gains throughout 2024, reaching over $117 billion in market cap. Meanwhile, Circle USD has also seen significant growth, albeit still below its peak levels from 2022. Despite a slight dip in trading volumes due to regulatory concerns, the overall market trend remains positive, showcasing sustained interest and trading activities in the stablecoin domain.
