USD Coin Market Cap Increases by 80% Year-on-Year... "Expected to Continue Rising"
Summary
- It was reported that USD Coin's market capitalization increased by 80% year-on-year, reaching $44 billion.
- The industry stated that the growth of Solana and HyperLiquid led to an increase in USDC's supply and predicted a doubling of its market cap.
- On the other hand, Tether's market cap fell by about 3% due to European Union regulations.
The market capitalization of USD Coin (USDC), the second-largest stablecoin by market share, has increased by approximately 80% compared to the previous year.
According to Cointelegraph on the 2nd (local time), USDC's market cap reached $44 billion, up $20 billion from the previous year's low of $24 billion.
The industry predicts, "The supply of USDC seems to have increased as Layer 1 networks like Solana and HyperLiquid have rapidly emerged," and forecasts that "USDC's market cap will double this year."
Meanwhile, Tether (USDT), which holds a dominant position in the stablecoin market, has seen its market cap decrease by about 3% recently. This is because the European Union's implementation of the comprehensive crypto regulation MiCA has made Tether's provision in Europe uncertain.
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀
