Weekly Stablecoin Market Cap Records New High

IconCryptoNewsTerminal Staff18 Jul, 2024

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Weekly Stablecoin Market Cap Records New High

CryptoQuant CEO Ki Young Ju shared via Twitter that "inflows into the stablecoin market have begun". The market cap of stablecoins has been on the rise since early July, reaching an all-time high last week. USDT accounts for 70% of the total market cap. This growth trend is noteworthy, as it suggests that investors are increasingly using stablecoins as a safe haven asset. The growth of the stablecoin market is likely due to a number of factors, including the increasing popularity of decentralized finance (DeFi) and the growing awareness of the risks associated with holding volatile cryptocurrencies. Stablecoins offer a way to participate in the cryptocurrency market without having to worry about the price volatility of assets like Bitcoin and Ethereum. The growth of the stablecoin market is a positive sign for the cryptocurrency industry as a whole. It shows that investors are becoming more comfortable with cryptocurrencies and are beginning to see them as a viable investment option.

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