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Stablecoins provide a great opportunity to increase economic freedom. @base enables builders to create great products using stablecoins, and those products are rapidly gaining traction. Huge opportunities in the works, proud of this progress so far. https://t.co/8FoG4gv4MI
The rapid rise of stablecoins, particularly Tether, from $10 billion to over $120 billion in circulation, demonstrates the growing demand for U.S. dollar-backed assets, especially in emerging markets. As national currencies in these regions face devaluation and economicโฆ https://t.co/zjBhgdSIRO
Stablecoin headlines from ON-284: ๐ Global stablecoin supply is down 2.7% from a peak on Aug. 30. ๐ There is $34.69B $USDC in circulation. ๐ 36M new accounts were added to @Tether_to in Q3 2024, the best quarter yet. Read the full @ournetwork__ issue...โฆ
The stablecoin sector is experiencing significant developments, particularly with Tether, which reported a profit of $5.2 billion for the first half of 2024. The organization, operating with fewer than 100 employees, has become more profitable than BlackRock. The global supply of stablecoins has decreased by 2.7% from its peak on August 30, 2024, with $34.69 billion in USDC currently in circulation. Tether also saw a record addition of 36 million new accounts in the third quarter of 2024. The rapid rise of stablecoins, especially Tether's growth from $10 billion to over $120 billion in circulation, highlights the increasing demand for U.S. dollar-backed assets, particularly in emerging markets facing currency devaluation. Additionally, the convergence of AI and on-chain technology is noted as a significant trend in the ecosystem, with advocates emphasizing the importance of collaboration among builders in the decentralized finance space.
