On April 19, the combined market capitalization of stablecoins pegged to the US dollar rose to $165.2 billion, a level last seen in June 2022, according to The Block.
The all-time high was $179.4 billion in April 2022.
One of the growth drivers was interest in the “synthetic dollar” USDe launched by Ethena Labs in December 2023, whose capitalization reached approximately $2.37 billion.
The leader, USDT, accounts for about 70% of the total market value in the segment.
In August, Bernstein analysts predicted that stablecoin capitalization would grow to $2.8 trillion over the next five years.
Earlier in April, Ripple announced plans to launch its own stablecoin by the end of 2024.