Stablecoin Market Cap Surges by $1.3 Billion, Nears All-Time High

IconCryptoNewsTerminal Staff23 Aug, 2024

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Stablecoin Market Cap Surges by $1.3 Billion, Nears All-Time High

According to Bitcoin News, the total market cap of stablecoins has experienced a significant increase of $1.3 billion over the past five days. Tether's USDT played the dominant role in this surge, contributing $820 million to the gain. Notably, the total market cap of stablecoins peaked at $188 billion before the Terra UST collapse in 2022. As of now, it stands at a substantial $169.72 billion. This surge indicates a growing appetite for stablecoins, which play a crucial role as a safe haven and medium of exchange in the cryptocurrency market.