Stablecoin Holder Addresses Hit Record High Amid Regulatory Uncertainty

IconCrypto News Terminal24 Apr, 2024

cryptonews.jpg

Stablecoin Holder Addresses Hit Record High Amid Regulatory Uncertainty

Cryptocurrency media outlet Coindesk reported that the number of stablecoin holder addresses pegged to the US dollar and other cryptocurrencies has surged by 15% this year, exceeding 93.6 million and reaching an all-time high. There are currently 35 stablecoins in the market, with a combined market cap of approximately $157 billion. USDT, which has the largest market cap in the industry, accounts for more than 80% of all stablecoin holder addresses, followed by USDC and BUSD. However, the stablecoin industry is facing increased regulatory scrutiny, with a report from international credit rating agency Standard & Poor's (S&P) suggesting that if the Stablecoin Regulation Act is implemented, the issuance limit for stablecoins from non-bank institutions could be capped at $10 billion. This could potentially weaken USDT's market dominance and pave the way for large, qualified banks to enter the stablecoin market. Previously on [date], cryptocurrency media outlet Coindesk reported that "the number of stablecoin holder addresses pegged to the US dollar and other cryptocurrencies has increased by 15% this year, exceeding 93.6 million and reaching an all-time high."

Related News