"Stablecoin Market Cap Reaches Approximately ₩342 Trillion…Up 0.54% from Previous Week"
Minseung Kang
Summary
- It was reported that the stablecoin market capitalization increased by 0.54% from the previous week, reaching approximately ₩342.6081 trillion.
- It was noted that Tether (USDT) accounts for as much as 62.06% of the total stablecoin market capitalization.
- An increase in both the issuance and holdings of stablecoins is regarded as a bullish signal in the virtual asset market, as it raises buying pressure.
The market capitalization of stablecoins such as Tether (USDT) and USD Coin (USDC) showed a slight increase compared to the previous week.
According to the decentralized finance (DeFi) dashboard DeFiLlama on the 31st, the market cap of stablecoins—including USDT—was tallied at about $247.585 billion (approximately ₩342.6081 trillion). This figure represents a 0.54% increase from last week.
Currently, Tether accounts for 62.06% of the total stablecoin market capitalization.
Generally, an increase in the issuance and holdings of stablecoins can act as a factor for rising buying pressure in the market and is seen as a bullish signal. Conversely, a decrease may be interpreted as a drop in demand for virtual assets.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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