Stablecoin Market Cap Surpasses $140 Billion in February

CAP IN 2024-02-27 33

According to PANews, data from CoinMarketCap reveals that the total market value of stablecoins surpassed $140 billion in February. This marks the highest level since December 2022, as shown by DefiLlama data.

Senior analyst Vetle Lunde from K33 Research stated in a market report last Friday that changes in stablecoin supply serve as a thermometer to measure whether funds are flowing in or out of the crypto ecosystem. The stablecoin market began to expand rapidly in early November, ending an 18-month-long brutal downtrend. Since then, the market value of stablecoins has increased by 12%, or about $15 billion, with approximately $10 billion of growth occurring at the beginning of this year.

CoinGecko data indicates that the market value of Tether, the largest stablecoin, has grown to a record high of $98 billion, with an increase of about $2 billion over the past month. The second-largest stablecoin, USDC, experienced a resurgence, growing from $24 billion to over $28.5 billion since the beginning of the year. In the past month, the company's market value has increased by nearly $2.5 billion, surpassing Tether's growth rate during the same period.