Stablecoins: A Never Ending Battle. Stablecoin Market Cap: A robust $125. 4B as of August 8th, making up 14.
08 Sep 2023, 11:03
Stablecoins: A Never Ending Battle 👉
💲 Stablecoin Market Cap: A robust $125.4B as of August 8th, making up 14.2% of the total crypto market despite a 24.5% decline from last year.
💸 Tether Holds Strong: USDT maintains an $83B market cap, unaffected by the decline that hit other stablecoins like Binance USD (BUSD).
💸 Ethereum Dominance: Holds 59.9% of the stablecoin market, followed by Tron at 26.5%.
🔼 Fastest-Growing Sector: Despite setbacks like the Terra collapse and FTX implosion, stablecoins remain the fastest-growing sector in crypto.
💸 USDC Crisis: Silicon Valley Bank crisis led to a 52.3% drop in USDC's Total Value Locked (TVL), shaking investor confidence.
2️⃣ Layer 2 Migration: Over $1.7B on Arbitrum, $630M on Optimism, and $120M on zkSync, showcasing the industry's push for scalability.
⬆️ Rising On-Chain Yields: Federal Reserve's rate hike to 5.5% boosts yields on stablecoins, with Ondo Finance offering up to 5.02% APY on US Treasuries.
🚫 Reevaluation of USDC: The depegging event has led to increased interest in decentralized stablecoin alternatives, marking a potential shift in the landscape.
😱 Innovative Models: Collateralized Debt Positions (CDP) and Liquid Staking Tokens (LSTs) are changing the game.
💸 Trailblazing Projects: Aave's GHO and Paypal's PYUSD are setting new standards in the stablecoin ecosystem.
#Stablecoins #Crypto #Blockchain