Solana Stablecoin Market Cap Hits Record $12.73 Billion as Sui Supply Reaches $800M with $60M Inflows

The stablecoin market has surpassed a total capitalization of $233 billion. Within this sector, Solana's stablecoins have reached a new all-time high market capitalization of $12.73 billion

The stablecoin market has now surpassed a total capitalization of $233 billion.

Solana’s stablecoins have hit a new all-time high market capitalization of $12.73 billion. Meanwhile, the Sui blockchain has seen a surge in stablecoin supply, with $60 million flowing in over the past 24 hours, raising its total stablecoin supply to $800 million.

Stablecoins are an integral part of the broader cryptocurrency landscape, facilitating seamless value transfer and serving as a crucial bridge between fiat currencies and digital assets.

As the cryptocurrency market continues to evolve, stablecoins are emerging as a dominant force, showcasing their resilience and adaptability even amid broader market fluctuations.

Here are some of today’s top crypto news:

* The stablecoin market has now surpassed a total capitalization of $233 billion.

* Solana’s stablecoins have hit a new all-time high market capitalization of $12.73 billion.

* The Sui blockchain has seen a surge in stablecoin supply, with $60 million flowing in over the past 24 hours, raising its total stablecoin supply to $800 million.

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The stablecoin market has now surpassed a total capitalization of $233 billion. Among individual blockchain platforms, Solana stands out with the highest aggregate stablecoin market capitalization, having crossed the $12 billion threshold. This milestone was reached as Optimism’s stablecoin market capitalization dipped below $10 billion.

Over the past 24 hours, a significant inflow of $60 million has been observed in the Sui blockchain’s stablecoin market, bringing its total stablecoin liquidity to $800 million. In comparison, Arbitrum’s stablecoin market capitalization has decreased by $60 million, reaching $9.64 billion.

The stablecoin market has been a subject of interest for the U.S. Congress, with members raising concerns over the potential misuse of stablecoins for illicit activities.

During a hearing on cryptocurrency with members of the House Financial Services Committee, Rep. Maxine Waters (D-Calif.) expressed her worries regarding the lack of complete transparency from leading cryptocurrency exchanges.

In other news, Galaxy Research has proposed a unique system of voting on a spectrum to adjust the inflation rate of Solana, aiming to find the optimal balance between stability and responsiveness.

Moreover, RWA blockchain Converge is turning to Arbitrum and Celestia for their high speeds and low costs in processing real-world asset (RWA) tokens.