Stablecoin Valuation Hits $281 Billion: Here are the Biggest Beneficiaries

The total capitalization of stablecoins hits a new all-time high of $281 billion. The recent passage of the GENIUS Act in the US is a major catalyst for the growth. Ethereum and Tron are the primary beneficiaries, seeing their on-chain stablecoin supplies soar. The total market cap of stablecoins, the core source of liquidity for the crypto market, has surged to a new record high of $281 billion as of August 12. At the same time, the daily average trading volume has also climbed 12% to around $187 billion. This market continues to be dominated by two giants, Tether’s USDT and Circle’s USDC, which together command about 66% of the total market share. To put that in perspective, according to market aggregate data from Binance-backed CoinMarketCap , USDT had a circulating supply of $164.6 billion and an average trading volume of about $135 billion on Tuesday. The undisputed king. Tether isn’t just the biggest; it is a massive on-chain. Here’s CoinEdition’s report into USDT’s on-chain footprint . And while the U.S. dollar-backed coins still dominate, this massive growth is why other jurisdictions like China and Europe have also been exploring the market. … The post Stablecoin Valuation Hits $281 Billion: Here are the Biggest Beneficiaries appeared first on Coin Edition .

Source: Coin Edition