The combined market capitalisation of stablecoins has surpassed the $160 billion mark.
The total stablecoin market cap recently passed $160b, signifying new money entering the space, a greater demand for stables, and more…
Bullish. pic.twitter.com/kYH0CiqHfD
— Nansen ? (@nansen_ai) May 23, 2024
This increase indicates an influx of “new money” into the sector and a rising demand for stablecoins, according to analysts at Nansen. They believe this is a bullish factor.
Experts at Coin98 noted that since the beginning of the year, the total market capitalisation of stablecoins has grown by $30 billion. This includes: USDT — +$19.7 billion, USDC — +$8.7 billion.
Since the beginning of 2024, the #stablecoin market cap has increased by more than $30B:$USDT: +$19.7B$USDC: +$8.7B
Currently, $USDT holds the largest market share, accounting for over 69% of the total stablecoin market cap
Explore the market cap of key stablecoins YTD now pic.twitter.com/lXEIgtKuVs
— Coin98 Analytics (@Coin98Analytics) May 23, 2024
USDT from Tether continues to lead the segment, with its capitalisation exceeding $110 billion. The corresponding figure for USDC is $32.5 billion. In third place is DAI from MakerDAO at $5.2 billion.
The total market value of the “synthetic dollar” USDe from Ethena Labs has increased by 10.7% over the past 30 days, surpassing $2.6 billion.
The combined capitalisation of algorithmic stablecoins remains relatively small compared to centralised counterparts like USDT — $10.14 billion.
Previously, MakerDAO founder Rune Christensen announced the launch of a “fully decentralised stablecoin” called PureDai.