As a researcher with a background in the cryptocurrency market, I find the exponential growth of stablecoin use to be an incredibly promising development. The data from Token Terminal and DefiLlama clearly illustrates this trend, with monthly transfer volumes increasing over 16 times since October 2020, and the market value of stablecoins surpassing $162 billion in just the first four months of this year.
As an analyst, I’ve observed a remarkable surge in the utilization of stablecoins within the cryptocurrency market over the past four years. The figure has more than doubled sixteen times, suggesting a significant increase in acceptance and integration of digital currencies into our economic landscape.
Based on Token Terminal’s figures, the value of monthly stablecoin transfers experienced a significant surge, increasing more than sixteenfold. In October 2020, this figure stood at $100 billion; however, it reached an unprecedented peak of $1.68 trillion in April.
As an analyst, I’ve observed that the value of stablecoins has grown beyond $162 billion, marking a 24% increase since the start of the year, according to DefiLlama’s latest data. This growth is likely to bring positive implications for the cryptocurrency market and boost investor confidence.
Approximately 31.2 million people used Visa’s stablecoin platform monthly and carried out over 353 million transactions within the past month, according to data from Visa’s stablecoin dashboard. The rising number of active users signifies a growing trend in the use of stablecoins.
As a stablecoin analyst, I’d emphasize that stablecoins play a crucial role in minimizing risks and expanding crypto adoption by providing a dependable value storage solution. By doing so, people’s trust in the cryptocurrency market grows, and their concerns about volatility are significantly alleviated.
In March 2024, the transfer volume of stablecoins reached an all-time high of $1.28 trillion for the first time surpassing the $1 trillion mark. The CEO and co-founder of Transak, Sami Start, attributes this significant increase to the integration of tokenized real-world assets (RWAs).
Tether, the organization responsible for the most widely used stablecoin globally, represented approximately two-thirds of the total $1 trillion trading volume in March, amounting to $716 billion. Circle, the entity managing USD Coin, contributed a substantial donation worth $358 billion. The significant trading volumes of these stablecoins underscore their prominent market position and essential function in fostering widespread adoption.
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2024-06-20 09:40