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The market capitalization of the top 10 fiat-backed stablecoins has seen a significant increase in 2024, rising by 35.4% from $119.1 billion in November 2023 to $161.2 billion in August 2024. Despite this growth, the market cap remains below the 2021 peak of $181.7 billion. Commodity-backed stablecoins also experienced growth, increasing by 18.1% to reach a market cap of $1.3 billion as of August 2024. However, they only represent 0.8% of the fiat-backed stablecoins' market cap.
The Growth of Fiat-Backed Stablecoin Market Cap 📈 The market cap of stablecoins tends to grow without significant decline, even during bear markets, thanks to their price stability. 👉https://t.co/IF2NkF3W8k
If you ever needed a reason to be bullish crypto, this chart shows how bullish Stablecoins are for the US dollar. Show me the incentives, and I'll show you the outcome. While we (the US) have been wildly mismanaging our finances, allowing our politics to become downright… https://t.co/VKKcaaaPCI
How much have commodity-backed stablecoins grown in 2024? 🤔 Commodity-backed stablecoins grew by 18.1% with a market cap of $1.3B as of August 2024. However, they only represent 0.8% of the fiat-backed stablecoins. Read the full report: https://t.co/V1uxLTAmKd https://t.co/rhkjrgubdu
