Stablecoin’s Market Cap Reaches New Record Level

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According to data from DefiLlama, the total market capitalization of stablecoins, not including algorithmic ones, reached an all-time high this past weekend.

In the past week, the market cap for stablecoins grew by 0.8% to over $168.1 billion, surpassing the previous peak of $167 billion in March 2022.

After hitting a low of around $122 billion in October, the stablecoin market cap steadily decreased for a few months following the March 2022 high.

However, since the start of 2024, it has been consistently increasing, as reported by DefiLlama. This growth in stablecoin market cap might be a sign of increased interest from institutional investors in the crypto market, according to BTCMarkets crypto analyst Rachael Lucas.

She believes that in uncertain market conditions, investors turn to stablecoins as a safer option, but it could also indicate growing confidence in the overall crypto market, particularly among institutional investors.