Stablecoin market hits new high, total market value exceeds $168 billion
Stablecoin market capitalization hits new all-time peak, reaching $168 billion
According to DefiLlama data, the total stablecoin market capitalization has reached its highest point ever, surpassing the all-time high in March 2022.
One cryptocurrency analyst said the increase could be due to new money entering the market. The data excludes algorithmic stablecoins, whose value is maintained by algorithmic mechanisms rather than pegged to fiat currencies or gold.
The market reached an all-time high of $167 billion in March 2022, but soon fell, falling to $135 billion by the end of the year.
Crypto analyst Patrick Scott said this shows that "new money is entering the cryptocurrency market."
Tether USDT has become the leader among stablecoins, with a market value of more than $117 billion. Meanwhile, Circle's USD Coin USDC has also seen growth, reaching a market value of $34 billion, but is still far below its all-time high of $55.8 billion set in June 2022.
Although stablecoin trading volume fell 8.35% in July to $795 billion, the overall market capitalization is still rising steadily, setting a new high again. This may indicate that investors are increasing their holdings of stablecoins.
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