Stablecoin Market Cap Reaches $301.6 Billion Amid Crypto Recovery
The total market capitalization of stablecoins has reached $300 billion, marking a historic milestone. This surge aligns with a broader recovery in the crypto market, including a rise in Bitcoin prices to over $120,000.
Dominance of Tether and Circle
- The combined market cap of stablecoins is now $301.596 billion, a 2% increase in the past week and a 6.5% rise over the last month.
- Tether's USDT holds 58% of the stablecoin market cap, amounting to $176.36 billion.
- Circle’s USDC follows with a market cap of $74.33 billion, representing 24.5%.
- Ethena’s USDe accounts for $14.8 billion, while MakerDAO’s DAI is at $5.0 billion.
The growth highlights the increasing utility of stablecoins in global trade, payments, and remittances as they become recognized as a store of value during volatile market conditions.
Circle Explores Transaction Reversibility
- Circle is considering implementing transaction reversibility for USDC, allowing assets to be recalled post-transaction.
- This initiative aims to combat fraud and recover funds lost through exploits.