August Stablecoin Market Cap: 2.89% Month-on-Month Increase

IconCryptoNewsTerminal Staff30 Aug, 2024

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August Stablecoin Market Cap: 2.89% Month-on-Month Increase

According to a recent report by CCData, the total market capitalization of stablecoins experienced a 2.89% increase from July to August 2023. This marks 11 consecutive months of growth for the stablecoin market. The report attributes this growth to the rise of PayPal's dollar-pegged stablecoin, PYUSD. As PYUSD gains traction, it contributes to the overall expansion of the stablecoin market. Stablecoins are digital assets pegged to a fiat currency, such as the US dollar. They offer stability and reduced volatility compared to traditional cryptocurrencies, making them attractive to investors seeking a safe haven for their assets. The continuous growth of the stablecoin market suggests increasing adoption and acceptance of these assets in the crypto ecosystem. ```

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