The cryptocurrency market continues to struggle, and stablecoins are also facing challenging times. Over the past 18 months, the capitalization of stablecoins has been declining and is now $123.8 billion, the lowest since September 2021, according to Binance's research arm. 😕
However, two popular stablecoins - Tether (USDT) and DAI - showed slight gains. USDT increased its capitalization by $334.7 million (0.4% month-on-month), and DAI - by $283.4 million (5.4% month-on-month). 📈
Despite the bearish trends, stablecoins continue to play an important role in the crypto industry and the global financial system. This year, the capitalization of stablecoins has increased significantly, especially after the collapse of financial banks, when investors began to use stablecoins as a refuge from the collapse of traditional institutions.
However, two popular stablecoins - Tether (USDT) and DAI - showed slight gains. USDT increased its capitalization by $334.7 million (0.4% month-on-month), and DAI - by $283.4 million (5.4% month-on-month). 📈
Despite the bearish trends, stablecoins continue to play an important role in the crypto industry and the global financial system. This year, the capitalization of stablecoins has increased significantly, especially after the collapse of financial banks, when investors began to use stablecoins as a refuge from the collapse of traditional institutions.