This site (120BTc.coM): With the influx of money, the stablecoin market has accelerated its expansion this year, further driving the rise in cryptocurrency prices.
According to data from CoinMarketCap, the overall stablecoin market value exceeded US$140.9 billion today (27th), returning to the level in December 2022. As we all know, stablecoins serve as a bridge between fiat and cryptocurrency markets and provide market participants with liquidity for trading and lending.
K33 Research senior analyst Vetle Lunde said in a recent report: "Changes in the supply of stablecoins are hot and cold indicators that measure the inflow and outflow of funds into the cryptocurrency ecosystem."
Stablecoins The market has begun to expand rapidly since early November last year, ending an 18-month trend of shrinking market capitalization. According to Vetle Lunde, the market value of stablecoins has expanded by 12% since then, equivalent to about $15 billion, while the increase in market value this year has accounted for about $10 billion.
According to data from CoinGecko, the total market value of Tether (USDT), the largest stablecoin by market value, has expanded to US$98 billion, a record high. The market value has increased by approximately US$2 billion in the past month alone.
Although USDT was the main force leading the increase in the market value of stablecoins last year, USDC’s performance was not far behind. The market value increased from US$24 billion at the beginning of the year to the current US$28.5 billion. In the past month, the market value has increased by nearly 2.5 billion. USD, surpassing the growth rate of USDT during the same period.
Anagram research partner David Shuttleworth said that USDC supply has grown by nearly 10% in the past month, contributing more than 50% to the overall growth of stablecoins. He pointed out in the The rise is mainly driven by strong demand from U.S. investors, who prefer USDC; in comparison, USDT is more popular in Asia, Africa and Latin America.
The market report released by Coinbase on Monday showed that the demand for USDC increased, just as Binance relisted multiple USDC trading pairs at the end of last year, and the United States launched a Bitcoin spot ETF, many of which use Coinbase to conduct Bitcoin trading. currency settlement.
The report also pointed out that USDC’s market share outside the U.S. market is also increasing. The market share of derivatives and spot transaction settlement in global centralized exchanges increased from the middle of last year. It increased from less than 1% to nearly 4%.
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