Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
The stablecoin sector is expanding swiftly, achieving a valuation of $164 billion in July 2024. Key drivers of this growth include the rising trading volumes of stablecoins and their increasing attractiveness to various users.
As per CCData’s most recent report, the stablecoin market has experienced significant growth over the last ten months. In July alone, the market capitalization of stablecoins rose by 2.11%, reaching $164 billion. The share of stablecoins in the overall crypto market climbed to 6.93%.
The report highlights the increasing interest among traders in stablecoins. The trading volume for July hit $795 billion. Analysts link this trend to the growing confidence of market participants in this asset class, despite ongoing regulatory adjustments.
Research indicated that by early 2024, approximately 60% of the world’s nations had implemented regulations on the stablecoin market, with usage reaching $1.68 trillion monthly.
Related Posts
The report also outlines the notable accomplishments of the leading stablecoin providers as of July 2024:
- Tether (USDT) saw its market cap increase by 1.61% to $116 billion, with USDT’s market share rising to 69.6%.
- USD Coin (USDC) experienced a 5.4% increase in market cap, reaching $33.6 billion. The trading volume of USDC on centralized exchanges nearly doubled during the month, amounting to $135 billion by July 25. The MiCA bill’s implementation in the EU has been a significant factor in the asset’s rising popularity, as USDC is now the only stablecoin sanctioned by local regulators.
The popularity of USDT is further evidenced by its issuer’s reports. According to Tether’s Q2 2024 Attestation Report, the company reported a record profit of $5.2 billion, with a net operating profit of $1.3 billion. Tether also disclosed $5.33 billion in excess reserves.
The stablecoin market is also evolving through the introduction of innovative financial products. The DeFi project Ondo Finance has recently launched Ondo US Dollar Yield (USDY), a dollar-pegged stablecoin on the Aptos blockchain. It is backed by U.S. Treasury bonds and offers a yield of 5.3% APY. However, the developers noted that the asset is not available to U.S. residents due to its lack of proper registration with the SEC.
USDY is not the first stablecoin to feature unique support mechanisms. Previously, Tether introduced a synthetic stablecoin called Alloy (aUSDT), which is backed by gold.
Сообщение Stablecoin Market Actively Grows появились сначала на CoinsPaid Media.
