Stablecoins Hit Record $190B Market Cap, Surpassing Pre-Terra Crash Peak: CCData

Stablecoin market capitalization rose to $190 billion this month, surpassing the pre-crypto winter peak of April 2022, CCData reported. The crypto rally this year and particularly since the U.S. presidential election fueled demand for stablecoins, which are widely used for trading. The emergence of novel tokenized investment products with fixed prices such as BlackRock's BUIDL and Ethena's USDe also helped growth for the sector. Tether's USDT supply rose 10% over the last month to a new peak of $132 billion, while Circle's USDC grew 12% to almost $39 billion, the report said.