Stablecoins Surge to New Heights, Reaching $243.8 Billion Market Cap
Stablecoins, including Tether and USD Coin, have seen remarkable growth this week. Their combined market value now stands at $243.8 billion. Since the start of the year, these digital assets have added over $38 billion. Tether (USDT) leads the pack with a market cap of $151 billion, accounting for 62% of the market. USD Coin (USDC) follows with $60.4 billion in assets.Ethena USDe (USDe) holds nearly $5 billion.
Notably, the recently launched USD1 by World Liberty Financial has amassed over $2.1 billion. This surge is partly due to MGX’s $2 billion investment in Binance.Other players like ripple USD (RLUSD) and PayPal’s PYUSD have also gained traction, with assets of $900 million and $313 million, respectively.
Stablecoins are becoming increasingly popular for daily transactions. Data from Visa reveals that 250 million unique addresses have used stablecoins in the past year. The total transaction volume has hit $33.6 trillion, with 5.8 billion transactions recorded. This growth is driven by their lower fees and faster transaction speeds compared to traditional methods.
Financial giants like Citi predict that stablecoins will be worth over $1.6 trillion by 2030. Standard Chartered is even more bullish, forecasting a $2 trillion market by 2028.
Stablecoins offer significant advantages. For instance, sending $1,000 via PayPal incurs a 2.99% fee plus additional charges.Stablecoins, however, offer much lower fees and quicker transaction times.
