The total market cap of stablecoins surged by 0.48% in seven days since May 2022.
A surge in stablecoin valuation suggests an increase in liquidity across exchanges.
Tether USD is the most traded crypto with a volume of $51B, followed by Bitcoin and Ether.
The total market capitalization of stablecoins has surged to $173 billion, a level not seen since May 2022. This significant increase in stablecoin demand could foreshadow a pullback in Bitcoin’s price as investors accumulate liquidity and await a favorable entry point.
According to data from DefiLlama, the total market valuation of stablecoins rose by 0.48% in the past week, reaching a new high since May 2022. The sector is currently valued at $173.013 billion, with Tether USD (USDT) holding a dominant 69.27% share and a market capitalization of $119.6 billion.
Read also: Brazil’s Crypto Soars on 42% Stablecoin Growth And Institutional Influx
CoinMarketCap data shows that USDT is currently the highest-traded cryptocurrency in the industry, with a massive volume of $51 billion. Bitcoin (BTC) and Ether (ETH) are ranked second and third, with volumes of $27.5 billion and $14 billion, respectively.
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