Stablecoin Market Cap Soars to $138B as Volume Grows by 4.5%!
The
steady rise of stablecoins continues, with a
fifth consecutive month of growth since September 2023. In February alone, the market capitalization surged by 1.95%, reaching an impressive $138 billion.
A recent report from CCData highlights the
impressive performance of stablecoins, both in terms of market cap and trading volume. The numbers don't lie – this is a market on the move!
Not only did the market cap breach $138 billion, but trading volume also saw a boost. January's volume hit a staggering 1.04 trillion, signaling strong demand on centralized exchanges.
However, it's not all smooth sailing for stablecoins. Despite their growth, their overall
dominance dipped from 8.15% to 7.09% this month. Other cryptocurrencies are gaining ground, thanks to institutional inflows.
Leading the pack is
Tether (USDT), with a market cap of $97.3 billion and a solid 70.6% dominance. But keep an eye on USD Coin (USDC) and First Digital USD (FDUSD), which are making waves with their own impressive gains.
