The market capitalization of Stablecoin surged to $138 billion in 2024
stablecoin
News
2024-03-06
According to CCData's report, one of the leading providers of digital asset data, the market capitalization of stablecoins reached $138 billion in 2024.
The total market capitalization of stablecoins increased by 1.95% in February, reaching $138 billion.
Throughout February, the stablecoin market witnessed a significant increase in market capitalization by 1.95%, marking the highest level since December 2022. This growth underscores the stability and continuous development of this sector, particularly highlighted by the FDUSD trading pair's notable surge of 51.1% following the approval of the Bitcoin spot ETF. The growing interest in stablecoins emphasizes their crucial role in the digital financial system. Additionally, the market saw the rise of Ethena USDe with a new record market capitalization of $227 million after its public mainnet launch, further showcasing the recent strong development of the stablecoin market.
The market dominance ratio of stablecoin market capitalization decreased to 7.09%.
However, despite significant growth, the market dominance of stablecoin market capitalization decreased to 7.09%, reaching its lowest level since December 2021. Notably, the Magic Internet Money (MIM) stablecoin faced challenges with its peg, dropping to $0.86, resulting in losses close to $6.50 million. Nevertheless, MIM's market capitalization remains stable at around $60.2 million, mainly due to its upgrade to version 3 and integration with new chains like Blast and Berachain. This reflects MIM's patience and effort in maintaining and improving its system, paving the way for future development and growth.
The growth in stablecoin market capitalization signifies positive implications for the digital financial market. Firstly, a larger market capitalization enhances the liquidity of stablecoins, facilitating easier trading and conversion into other assets. This not only improves market liquidity but also fosters the development and deployment of applications and services related to stablecoins. Furthermore, with a significant market capitalization, stablecoins have the potential to maintain price stability and minimize risks for users, especially in volatile markets. This creates a more stable and trustworthy environment for market participants, driving the widespread adoption and acceptance of various stablecoins, including VNST.
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