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While the cryptocurrency market moves sideways with unclear direction, the stablecoin market displayed substantial growth.
The latest data shows the value of all stablecoins has surpassed $168 billion, exceeding the March 2022 high of $167 billion.
Stablecoin market cap reaches an all time high of $168B. pic.twitter.com/EIaWRoBGpE
— Quantum Ai Finance (@BotQuantumAi) August 26, 2024
Meanwhile, these stats reflect a massive recovery for cryptocurrencies after last year’s volatility plunged the stablecoin market capitalization to $135 billion.
The current all-time high comes after stablecoins maintained stable growth over the past 11 months.
Tether continues to rule the stablecoin world
Tether’s USDT topped the charts amid the flourishing stablecoin market, commanding $117.9 billion in market capitalization and $47.5 billion in trading volume.
The latest USDT minting contributed to these numbers. Tether minted another 3 billion USDT coins, cementing the stablecoin’s market presence.
The surge propelled USDT’s market cap from around $82 billion to press time values of $117.905,608,791, according to Coinmarketcap.
Meanwhile, the growth highlights Tether’s resilience and established position in the volatile market. The dollar-tied stablecoin maintains its price around the $1 mark.
Tether revealed plans to launch a new stablecoin tied to the United Arab Emirates Dirham. USDT issuer will collaborate with Green Acorn Investments and UAE’s billion-dollar tech firm Phoenix Group.
Further, Tether demonstrated its desire to curb legal activities in the cryptocurrency world.
The firm joined forces with the Department of Justice to fight ‘pig butchering’ frauds.
The joint investigation led to a recovery of nearly $5 million in USDT linked to ‘pig butchering’ scams.
The move underscored Tether’s proactive dedication to preventing fraud in digital assets undertakings.
DOJ Thanks Tether for Assistance in Seizure of $5,000,000 USDT in Fraud Scheme.
The U.S. Department of Justice (DOJ) says stablecoin issuer Tether has helped authorities recover funds stolen for victims of a prevalent crypto investment scam.
In a statement, the Justice… pic.twitter.com/v6RpQsS12g— OutsideTheMatrix aka QRASH (@PaTrumpGirl) August 26, 2024
Institutional players drive stablecoin adoption
Increased institutional participation contributed to the latest growth in stablecoin market capitalization.
Firms like PayPal launched their stablecoin to satisfy the surging demand for stability in volatile markets.
Such developments confirm a change in market dynamics, with institutional players recognizing stablecoins as essential investment tools for diversified portfolios.
Meanwhile, stablecoins have gained popularity as the instrument connecting cryptocurrencies and traditional finance.
Their stability makes them ideal for hedging risks, controlling liquidity, and executing transactions.
Besides highlighting evolving investment strategies, the migration to stablecoin underscores the soaring acceptance of digital coins in the mainstream financial landscape.
The upward trends in stablecoin usage over the past year highlight a notable trend where institutional and retail investors recognize the benefits of pegged assets in ensuring liquidity and stability in the crypto world.
In summary, the latest growth in the stablecoin market cap reflects a notable change in investor sentiment.
The trend shows an increasing appetite for stability while interacting with the volatile crypto industry.
The post Tether’s USDT shines as stablecoin market cap hits new all-time highs of $168B appeared first on Invezz
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