What Is Driving the Surge in Stablecoin Market Capitalization?
CryptoQuant has reported that liquidity within the cryptocurrency market has hit all-time highs.
By the end of September, the market cap of US dollar-pegged stablecoins reached $169 billion, marking a 31% rise since the start of the year.
This increase is primarily driven by Tether’s USDT , which has experienced notable growth in the reserves of centralized exchanges.
As of October, the USDT (ERC20) balances on Ethereum -based exchanges surged to $22.7 billion, reflecting an impressive 54% rise, or $8 billion, since January 2023.
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Ethereum User Pays $700K in Fees for Zero-Value TransactionAdditionally, centralized exchanges hold approximately $8.5 billion in USDT issued on the TRON network.
Since the onset of the bull market in January 2023, USDT (ERC20) on exchanges has escalated from $9.2 billion to $22.7 billion, representing a 146% increase.
This influx of stablecoins into exchanges signals enhanced liquidity and indicates the possibility of significant market movements.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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