The total market capitalization of “stable coins” has surpassed $160 billion.
The total stablecoin market cap recently passed $160b, signifying new money entering the space, a greater demand for stables, and more…
Bullish. pic.twitter.com/kYH0CiqHfD
— Nansen 🧭 (@nansen_ai) May 23, 2024
An increase in the indicator means the arrival of “new money” into the segment and an increase in demand for stablecoins, Nansen analysts noted. This, they believe, is a bullish factor.
Coin98 experts noted that since the beginning of the year, the total market capitalization of “stable coins” has grown by $30 billion. Including: USDT – +$19.7 billion, USDC – +$8.7 billion.
Since the beginning of 2024, the #stablecoin market cap has increased by more than $30B:$USDT: +$19.7B$USDC: +$8.7B
Currently, $USDT holds the largest market share, accounting for over 69% of the total stablecoin market cap
Explore the market cap of key stablecoins YTD now pic.twitter.com/lXEIgtKuVs
— Coin98 Analytics (@Coin98Analytics) May 23, 2024
USDT from Tether is still the leader in the segment – its capitalization exceeds $110 billion. The corresponding indicator for USDC is $32.5 billion. In third place is DAI from MakerDAO – $5.2 billion.
The total market value of the “synthetic dollar” USDe from Ethena Labs has increased by 10.7% over the past 30 days, exceeding $2.6 billion.
The total capitalization of algostablecoins is relatively small compared to centralized counterparts like USDT – $10.14 billion.
Source: Cryptocurrency
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