The market capitalization of stablecoins just pierced $200 billion, reaching a record height in a sign the crypto market may be poised for further growth
Stablecoins just hit $200 billion in market cap, and that could be good news for bitcoin and crypto prices, according to CryptoQuant.
Stablecoins are crypto tokens that are designed to maintain a stable price, typically by being pegged to another asset like the U.S. dollar. They are used by traders to preserve the value of their investments as they move between assets.
Stablecoin market cap has increased by $37 billion since early November, when President Donald Trump won the U.S. election, according to CryptoQuant data.
"The next leg up for bitcoin and crypto prices could be just around the corner as stablecoin’s liquidity impulse starts to expand again," CryptoQuant wrote in a report.
Tether's USDT remains the leading stablecoin by market cap with $139 billion, having grown 15% since November. Circle's USDC is next with $52.5 billion, having grown 48% over the same period, according to CryptoQuant data.
USDT's liquidity change on a 30-day basis is now slightly positive after contracting 2% at the start of the year. Meanwhile, USDC's liquidity change on a 30-day basis is up 20%, the fastest pace in a year.
Bitcoin (BTC), in comparison, has risen over 50%, and the total crypto market is now $3.5 trillion from $2.2 trillion, according to TradingView metric, Total
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