The combined market capitalization of stablecoins has surpassed the $100 billion mark. Since the start of the year, the figure has risen more than threefold, according to The Block.
The segment’s leader is Tether (USDT) with a figure of $62.2 billion. USD Coin (USDC) accounts for $21.2 billion, and Binance USD (BUSD) for $8.8 billion.
According to analytics firm CryptoQuant, the value of stablecoins issued during the week of May 17–23 reached $8 billion.
$8B of stablecoins have been issued last week.
May, 19 daily issuance is second only to pre-Tesla event. pic.twitter.com/HCe2ECQu6J
— Lex Moskovski (@mskvsk) May 24, 2021
In late March, the total stock of stablecoins held on crypto exchanges surpassed $10 billion for the first time, according to CryptoQuant.
On May 25, USDT’s market capitalization surpassed $60 billion amid a rout in the crypto markets.
Earlier, The Block reported that payments giant PayPal plans to issue its own stablecoin.
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