$168 billion: Stablecoins reach a record high

Demand for stablecoins has surged recently. The new record may boost cryptocurrency prices.

The market capitalization of all stablecoins has reached a new record. According to data from the platform Defillama the total value is now $168 billion - almost a billion more than the previous record of March 2022.

This includes all stablecoins that are backed by underlying assets, i.e., not algorithmically backed.

Most of this consists of USDT: about 70%. With a market capitalization of $117 billion, Tether's stablecoin ranks third among the largest cryptocurrencies, after Bitcoin and Ethereum.

Circles USDC contributes the second-largest share at $34 billion.
According to crypto analyst Patrick Scott points the growth of the stablecoin market in recent months indicates that "new money is flowing into the crypto market."

American company Circle recently announced that USDC payments will be enabled via Tap-and-Go over iPhones.