The stablecoin market has reached a remarkable milestone, surpassing $170 billion in market capitalization. $USDT continues to dominate, holding a substantial 70% share.
However, the landscape is evolving, with new asset-backed stablecoins gaining traction. These innovative stablecoins are pegged to a range of assets, including gold, the euro, and the dirham, offering fresh opportunities for investors.
Stablecoin Market Cap Hits 2 Year High
The stablecoin market has surged to $170 billion in market capitalization, with $USDT maintaining a dominant 70% share. As the market continues to expand, new asset-backed stablecoins, including those pegged to gold, the euro, and the… pic.twitter.com/uc6bGHlPd0
— CryptoRank.io (@CryptoRank_io) August 23, 2024
Meanwhile, Polygon PoS has emerged as a hub for stablecoin transactions, processing almost 24 million transactions since the second half of this year. Tether’s recent move to mint $1.0 billion USDT on the TRON network marks the 18th such issuance in a year, underscoring the growing demand for stablecoins.
Stablecoins transactions on Polygon PoS have processed almost 24 million transactions since the second half of this year. pic.twitter.com/CVL9ilMpgM
— Polygon | Aggregated (@0xPolygon) August 22, 2024
TRON Boasts With Lower Fees And Faster Transactions
TRON’s appeal lies in its lower fees and faster transactions, making it an attractive platform for stablecoin issuance.
On August 20th, Tether minted $1.0 billion USDT on the TRON network, marking the 18th such issuance in a year. This highlights growing demand for stablecoins and TRON's appeal due to its lower fees and faster transactions. TRON now holds $61.7 billion USDT, surpassing Ethereum's… pic.twitter.com/pF8vsWBhwJ
— Max Planck (@MaximistPlanck) August 24, 2024
In a significant development, TRON now holds $61.7 billion USDT, surpassing Ethereum’s $52.1 billion. This shift highlights the evolving dynamics of the stablecoin market, as investors seek efficient and cost-effective solutions. As the market continues to expand, it will be fascinating to see how these new stablecoins and platforms shape the future of digital assets.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: itchaznong/123RF // Image Effects by Colorcinch
