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

Stablecoin Market Cap Reaches Record High of $170 Billion

by Sham
August 26, 2024
in Crypto
A A
Stablecoin Market Cap Reaches Record High of $170 Billion
1
SHARES
Share on TwitterShare on Reddit
  • Stablecoins have reached an all-time high market cap of $169.57 billion, surpassing the previous peak of $167 billion in March 2022.
  • Tether’s USDT and Circle’s USDC have seen significant growth this year, with PayPal’s PYUSD climbing to the fifth position.
  • The rise in stablecoin market cap is being attributed to renewed interest and confidence in the crypto market, with steady minting of stablecoins driving Bitcoin’s recent surge to $65,000.

The total stablecoin market capitalization has reached an all-time high in 2024, surpassing $169 billion. This growth is driven by an influx of new capital into the crypto market, indicating renewed interest and confidence. Leading stablecoins like Tether’s USDT and Circle’s USDC have seen significant increases this year, along with the emergence of new major player PayPal’s PYUSD.

JUST IN: The stablecoin market cap has soared to a record $170 billion, surpassing its previous peak set in March 2022 pic.twitter.com/elTpj4hxf2

— BlockNews.com (@blocknewsdotcom) August 26, 2024

Top Stablecoins See Growth in 2024

Tether’s USDT remains the top stablecoin, with its market cap increasing by around 28% so far in 2024 to $118 billion. USDT now makes up about 70% of the total stablecoin market.

Circle’s USDC has also grown in 2024, rising from $24 billion in early January to $34.67 billion in late August. Despite some fluctuations, USDC has firmly established itself as the second largest stablecoin.

The Newcomer: PayPal’s PYUSD

The PayPal-backed PYUSD stablecoin has witnessed impressive growth, surpassing USDD to become the fifth largest stablecoin. Over the weekend, PYUSD’s market cap exceeded $1 billion for the first time.

Declining Trading Volumes Despite Growth

Despite the rise in market cap, stablecoin trading volumes have dropped significantly in 2022. July trading volumes were down 83.5% to $795 billion due to less activity on centralized exchanges and regulatory issues in Europe. Volumes continued falling in August to around $52 billion.

Stablecoin Demand Driving Bitcoin Higher

Bitcoin’s recent surge to $65,000 has been heavily influenced by stablecoin demand. According to Matrixport, steady stablecoin minting has been the primary driver of Bitcoin’s upward momentum in recent weeks, despite inflows into spot BTC ETFs. Stablecoins remain a crucial fiat gateway into crypto, fueling further growth.

Conclusion

The total stablecoin market cap has hit an all-time high in 2024, indicating renewed confidence and interest in the crypto market. While trading volumes have declined, demand from stablecoins continues to drive Bitcoin and crypto prices higher by serving as a key fiat on-ramp. Major stablecoins like Tether’s USDT and Circle’s USDC have seen significant growth this year, while PayPal’s PYUSD has emerged as a new major player. The stablecoin market is likely to continue expanding as more capital enters the crypto space.

Tags: circlePYUSDtetherusdcUSDT
TweetShareShare

DON'T MISS THESE! HOT OFF THE PRESS

Is XRP Finally Worth a Look? VirtualBacon Thinks So—But Not Just Yet
Bitcoin

Is XRP Finally Worth a Look? VirtualBacon Thinks So—But Not Just Yet

May 25, 2025
Binance Coin (BNB) Slows Down: Why Whale Caution Could Lead to Volatility
Binance BNB

Binance Coin (BNB) Slows Down: Why Whale Caution Could Lead to Volatility

May 25, 2025
Ethereum’s Rally Hits a Wall: Can Bulls Push Through $2,800?
Crypto

Ethereum’s Rally Hits a Wall: Can Bulls Push Through $2,800?

May 25, 2025
Big Money Eyes Bitcoin: $420B in Flows Could Be on the Way
Bitcoin

Big Money Eyes Bitcoin: $420B in Flows Could Be on the Way

May 25, 2025
Chainlink’s Bullish Setup: Why LINK Could Follow Bitcoin to New Highs
Chainlink

Chainlink’s Bullish Setup: Why LINK Could Follow Bitcoin to New Highs

May 24, 2025
FIFA Teams Up With Avalanche To Launch Its Own Blockchain—Here’s What It Means
Crypto

FIFA Teams Up With Avalanche To Launch Its Own Blockchain—Here’s What It Means

May 24, 2025
Load More

Related News

Is XRP Finally Worth a Look? VirtualBacon Thinks So—But Not Just Yet

Is XRP Finally Worth a Look? VirtualBacon Thinks So—But Not Just Yet

May 25, 2025
Binance Coin (BNB) Slows Down: Why Whale Caution Could Lead to Volatility

Binance Coin (BNB) Slows Down: Why Whale Caution Could Lead to Volatility

May 25, 2025
Ethereum’s Rally Hits a Wall: Can Bulls Push Through $2,800?

Ethereum’s Rally Hits a Wall: Can Bulls Push Through $2,800?

May 25, 2025
Big Money Eyes Bitcoin: $420B in Flows Could Be on the Way

Big Money Eyes Bitcoin: $420B in Flows Could Be on the Way

May 25, 2025
Chainlink’s Bullish Setup: Why LINK Could Follow Bitcoin to New Highs

Chainlink’s Bullish Setup: Why LINK Could Follow Bitcoin to New Highs

May 24, 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
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX 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.