BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
FOLLOW
BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
BlockNews

USD Stablecoins Surge Towards Record High as Crypto Trades Sideways

by Sham
April 22, 2024
in Crypto
A A
USD Stablecoins Surge Towards Record High as Crypto Trades Sideways
1
SHARES
Share on TwitterShare on Reddit

• Stablecoin supply hits highest level in nearly two years amid growth of USDe
• Total supply of USD-pegged stablecoins trending towards previous all-time high as new tokens create more competitive space
• Besides Tether’s USDT and Circle’s USDC, options expanding with Ethena’s USDe, PayPal’s stablecoin, and Ripple planning to launch one

The total supply of stablecoins pegged to the US dollar has been steadily increasing over the past year. This growth has been driven by the rising popularity of established stablecoins like USDC as well as the introduction of new stablecoins into the market.

JUST IN: Total stablecoin supply is approaching a 2-year high of $160 billion

Stablecoin dominance:

– Tether $USDT: 70%

– USD Coin $USDC: 20%

– Others: 10%

— BlockNews.com (@blocknewsdotcom) April 22, 2024

Growth of Established Stablecoins

Tether has long been the dominant stablecoin by market capitalization. However, Circle‘s USDC has been gaining ground quickly. USDC now makes up about 20% of the total stablecoin market cap. The increased adoption of USDC by exchanges and DeFi protocols is largely responsible for its rapid growth.

Emergence of New Stablecoins

The stablecoin market is also expanding thanks to new entrants. In August 2022, PayPal launched its own stablecoin in collaboration with Paxos. More recently, Ripple announced plans to launch a USD-backed stablecoin later this year.

Ripple has boldly predicted that total stablecoin supply will reach $28 trillion by 2028. While it remains to be seen whether this prediction will come to fruition, it does signal optimism about the potential for massive stablecoin growth.

Market Share and Supply Records

Despite the growth of USDC and new stablecoins, Tether remains the stablecoin leader with around 70% market share.

Last week, total stablecoin supply hit $165 billion – the highest level since June 2022. While still below the all-time record above $180 billion, the stablecoin market does appear to be trending back toward its previous peak.

Conclusion

The stablecoin sector continues to expand at a rapid clip. Established stablecoins are seeing increased usage, and new entrants are further diversifying the market. All signs point to stablecoins playing an increasingly important role in digital asset markets in the years ahead.

Tags: circlecryptoDeFiStablecoinsUSD
TweetShareShare

DON'T MISS THESE! HOT OFF THE PRESS

PENGU Token Skyrockets 35% as Pudgy Penguins NFTs Soar: Why is Pudgy Pumping?
Crypto

PENGU Token Skyrockets 35% as Pudgy Penguins NFTs Soar: Why is Pudgy Pumping?

May 8, 2025
Bitcoin BTC Breaks 100,000, But Now What? Here is What You Need to Do Now
Bitcoin

Bitcoin BTC Breaks 100,000, But Now What? Here is What You Need to Do Now

May 8, 2025
Bitcoin Nears $120K Prompting Apology from Top Analyst: Here is Their New Price Prediction
Bitcoin

Bitcoin Nears $120K Prompting Apology from Top Analyst: Here is Their New Price Prediction

May 8, 2025
Ethereum ETH Breaks $2,000: Here is The Next Price Level You Need to Watch
Crypto

Ethereum ETH Breaks $2,000: Here is The Next Price Level You Need to Watch

May 8, 2025
JRNY CLUB Announces $JRNY Token and EARN Platform
Breaking News

JRNY CLUB Announces $JRNY Token and EARN Platform

May 7, 2025
Everything You Need to Know About Doodles Upcoming DOOD Token
Crypto

Everything You Need to Know About Doodles Upcoming DOOD Token

May 7, 2025
Load More

Related News

Bitcoin BTC Breaks 100,000, But Now What? Here is What You Need to Do Now

Bitcoin BTC Breaks 100,000, But Now What? Here is What You Need to Do Now

May 8, 2025
Bitcoin Nears $120K Prompting Apology from Top Analyst: Here is Their New Price Prediction

Bitcoin Nears $120K Prompting Apology from Top Analyst: Here is Their New Price Prediction

May 8, 2025
Trump Blasts Fed Chair Powell as ‘FOOL’ Over Rate Decision: Is He Right?

Trump Blasts Fed Chair Powell as ‘FOOL’ Over Rate Decision: Is He Right?

May 8, 2025
Ethereum ETH Breaks $2,000: Here is The Next Price Level You Need to Watch

Ethereum ETH Breaks $2,000: Here is The Next Price Level You Need to Watch

May 8, 2025
JRNY CLUB Announces $JRNY Token and EARN Platform

JRNY CLUB Announces $JRNY Token and EARN Platform

May 7, 2025
Discord Twitter Youtube TikTok Instagram

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Newsletter
  • Advertise
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano China Coinbase crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX Gary Gensler grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology twitter US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • Home
  • Crypto
  • Memecoins
  • Technology
  • Politics
  • Finance
  • NFT
  • DeFi
  • Opinion

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.