Stablecoin Domination, Reaches Highest Market Cap Since May 2022!

2024-10-14

Stablecoin Domination

BittimeBased on the latest data from DeFiLlama, the total market capitalization of stablecoins reached fantastic figures, namely $173.013 billion. This figure is the highest since May 2022. 

In addition, in the last 7 days, this capitalization value increased by 0,64%. This certainly attracts attention, considering the increasingly significant role of stablecoins in the global blockchain ecosystem.

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Stablecoin Domination in the Crypto Market

Stablecoins have an important role in the crypto ecosystem because they are a bridge between the volatility of crypto assets and the stability of fiat values. 

This market capitalization of more than $173 billion shows how important the role of stablecoins is in crypto transactions, both as a means of exchange and as a store of value.

One of the main reasons behind The growth of these stablecoins is the increasing adoption of blockchain technology in various sectors, including finance, technology, and even the retail sector. 

Many large companies are now starting to utilize stablecoins to speed up cross-border payment processes, reduce transaction costs, and speed up settlement.

Read Also: Bitcoin Rebound Triggers Stablecoin Mint Surge 

Stablecoin Domination: USDT Leads

In the stablecoin ecosystem, Tether's USDT still leads. Of the total stablecoin market capitalization, USDT accounts for 69.27%. This figure confirms USDT's dominance as the largest and most widely used stablecoin in the world. 

Along with this growth, USDT has also demonstrated extraordinary stability, making it a top choice for investors and market participants who want to avoid crypto volatility.

With this strong dominance, USDT has proven that it can withstand various challenges, including strict regulations and competition from other stablecoins. 

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Stablecoin USDC and BUSD

Although USDT dominates, there are several other stablecoins that also show great potential, such as USDC and BUSD. 

Both stablecoins have strong reserve mechanisms and are backed by large companies, which provides more confidence for users.

However, the main challenge for stablecoins is regulation. Many countries are starting to issue policies regarding the use of stablecoins, especially in terms of consumer protection and transparency of asset reserves. 

On the other hand, this could also be a great opportunity for stablecoins that are able to meet established regulatory standards. User confidence will certainly increase if stablecoins are considered safe and regulated by credible authorities.

Read Also: SEC Opposes FTX's Plan to Pay Creditors with Stablecoins  

How to Buy Crypto with Bittime

cara beli crypto di bittime

Want to trade, sell and buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.

Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.

Table of Contents
Stablecoin Domination in the Crypto Market
Stablecoin Domination: USDT Leads
Stablecoin USDC and BUSD
How to Buy Crypto with Bittime
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