The total supply of stablecoins linked to the US dollar has reached a new milestone, surpassing $180 billion. This is the highest level ever recorded, indicating the growing popularity and demand for stablecoins in the market.
According to a prediction by Ripple, the stablecoin market is expected to reach a staggering $2.8 trillion by 2028. This forecast highlights the immense growth potential and opportunities in the stablecoin sector.
The increasing competition in the market, fueled by the issuance of new tokens, has contributed to the surge in the total quantity of stablecoins. This trend is leading the stablecoin market back towards its previous all-time high.
The Block Data Dashboard has reported that the total supply of USD-pegged stablecoins recently reached $165 billion. This is the highest token level in over two years, indicating the significant growth in this sector. Ethena’s USDe stablecoin alone has reached a market value of over $2.4 billion, further reinforcing the increasing quantity of stablecoins.
Tether, with its USDT token, dominates the market share of stablecoins. It holds a commanding 70% market share, making it the clear leader in the industry. USDC from Circle is another major player in this space.
In August 2023, PayPal, a Silicon Valley-based company, launched its own stablecoin in collaboration with Paxos. Ethena also joined the market with its new stablecoin a little over two months ago. Ripple is set to introduce its stablecoin tied to the US dollar later this year, as announced earlier this month. These developments signify the growing interest and adoption of stablecoins by major players in the industry.
Ripple’s prediction of the stablecoin market reaching $2.8 trillion by 2028 reflects the optimism and growth potential in this sector. As stablecoins gain more traction and acceptance in various industries, their market value is expected to skyrocket in the coming years.
In other crypto news, Binance Coin (BNB) has experienced a surge in value amidst bullish convergence, with its sights set on a new all-time high. This development showcases the dynamic nature of the cryptocurrency market and the opportunities it presents for investors.
Overall, the stablecoin market is witnessing unprecedented growth and is poised for further expansion in the future. With the increased adoption of stablecoins by major players and the growing demand for stable and reliable digital assets, this sector is set to revolutionize the financial industry.
