According to BlockBeats, recent data from DefiLlama indicates that the total market capitalization of stablecoins has increased by 3.04% over the past week, reaching $178.115 billion. This marks the highest level since May 2022, reflecting a significant growth in the stablecoin sector.
Among the stablecoins, Tether (USDT) has seen a market cap increase of 2.24%, now standing at $123.216 billion. USDT continues to dominate the stablecoin market with a substantial market share of 69.18%. This growth underscores the ongoing demand and reliance on USDT as a key player in the cryptocurrency market.
Additionally, USD Coin (USDC) has experienced a notable rise in its market capitalization, growing by 7.06% to reach $37.066 billion. This increase highlights USDC's expanding role and acceptance within the digital currency ecosystem. The growth in both USDT and USDC market caps reflects broader trends in the cryptocurrency market, where stablecoins are increasingly being used for transactions, trading, and as a store of value.
