Summary
- It was reported that the stablecoin market cap reached an all-time high of $272 billion.
- Related Google search volume for stablecoins hit a record level in mid-July.
- Bitwise reported that stablecoin issuance and trading volumes both hit record highs.
Interest in stablecoins is surging. With the stablecoin market cap reaching an all-time high of $272 billion, Google search volume has also hit a record.
According to Cointelegraph, a cryptocurrency-focused media outlet, Google searches related to stablecoins peaked in mid-July. This is seen as an effect of the 'GENIUS Act,' a U.S. stablecoin regulation bill passed by Congress on the 18th. The previous record was right after the TerraUSD (USTC) depegging event in May 2022.
Bitwise, a digital asset manager, stated, “The stablecoin market is following a parabolic (exponential) growth curve,” and “both issuance and trading volumes are hitting all-time highs.”
The current stablecoin market capitalization is $272 billion, which is about 7% of the overall digital asset market. Of this, 98% is linked to the U.S. dollar, and Tether (USDT) accounts for over 60%, representing the largest share.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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