The market capitalization for stablecoins surpassed $230 billion for the first time on Thursday, driven by US regulatory efforts to enhance their adoption.
According to DefiLlama, the current market cap is $230.45 billion, marking a $2.3 billion increase over the past week. Year-over-year, stablecoin market capitalization has grown by 56%. Tether’s USDT leads with 62.6% dominance, nearly $144 billion, followed by Circle’s USDC at $59 billion.
The stablecoin market had reached nearly $190 billion in April 2022 but experienced a downturn later that year due to the collapse of the Terra-Luna ecosystem and crises at major crypto firms like FTX, Celsius, and BlockFi. It declined steadily until a rebound began in mid-2023.
