Total Market Capitalization of Stablecoins to Reach $138 Billion by 2024

CCData's Stablecoin & CBDC Report aims to shed light on the main trends in this field. Earlier this week, CCData released its latest report on stablecoins and central bank digital currencies (CBDCs), providing valuable insights into the growing popularity and potential impact of these digital assets. The report analyzes the various aspects of stablecoins and CBDCs, including their use cases, adoption rates, regulatory considerations, and potential benefits and risks. By delving into these key areas, CCData's report offers a comprehensive overview of the current state and future prospects of stablecoins and CBDCs. With its in-depth analysis and expert insights, this report serves as a valuable resource for individuals and organizations looking to understand and navigate the evolving landscape of digital currencies.

By
Administrator
-
0
276

The CCData Stablecoin & CBDC Report aims to shed light on the main trends in this field.

This week, CCData released its February 2024 edition of the “Stablecoin & CBDC” research report.

The February report from CCData recorded a 1.95% increase in the market capitalization of stablecoins, reaching $138 billion.

This figure marks the fifth consecutive month of growth, achieving the highest monthly market capitalization since December 2022.

Despite this growth, the dominance ratio of market capitalization for stablecoins has decreased to 7.09%, the lowest level since December 2021.

An important event reported is the peg loss of the stablecoin Magic Internet Money (MIM), which has dropped to a low of $0.86, resulting in a loss of nearly $6.5 million.

Despite this incident, the market capitalization of MIM remains stable at around $60.2 million, as the stablecoin is undergoing its v3 upgrade and expanding integration with new chains such as Blast and Berachain.

Following the approval of Bitcoin ETF, the trading volume of FDUSD pairs on centralized exchanges has significantly increased 51.1% to $122 billion, making it the second most popular trading pair after USDT.

The BTC-FDUSD pair on Binance emerges as the most traded pair, with a monthly volume of $80.8 billion. Meanwhile, the market capitalization of FDUSD has increased by 12.5% to $2.44 billion, setting a new all-time high.

RELATED ARTICLESMORE FROM AUTHOR