Stablecoins' m-cap surges to a record $251 billion
The total
market capitalization
of
stablecoins
surged to a record high on Wednesday, data showed, as the US Senate passed a bill to regulate the sector, a major step towards legitimising a once-niche but now fast-growing corner of the crypto market. According to CoinDesk data, the market capitalisation of stablecoins hit an all-time high of $251.7 billion, up 22% so far this year.
Stablecoins are a type of cryptocurrency designed to maintain a constant value, usually via a 1:1 peg with the US dollar. They are commonly used by crypto traders to move funds between tokens. Their use has soared in recent years, and analysts expect the market to grow further once the US legislation has passed.
Proponents say stablecoins could be used to send payments instantly, while others worry they will lead to closer ties between the crypto world and traditional financial markets.
Crypto Tracker
TOP COIN SETS
Crypto Blue Chip - 5
-3.57%
Buy
AI Tracker
-7.37%
Buy
DeFi Tracker
-7.47%
Buy
NFT & Metaverse Tracker
-9.47%
Buy
Web3 Tracker
-9.79%
Buy
TOP COINS
(₹)
XRP
189 (
0.87%
)
Buy
Ethereum
219,415 (
0.63%
)
Buy
Bitcoin
9,094,091 (
0.42%
)
Buy
Solana
12,751 (
-0.47%
)
Buy
BNB
55,835 (
-0.75%
)
Buy
If the US bill is signed into law, stablecoins would be required to be backed by liquid assets such as US dollars and short-term Treasury bills, and for issuers to publicly disclose the composition of their reserves on a monthly basis.
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