Following the recent signing of the U.S. Stablecoins Act on July 18, public interest in stablecoins has soared, reaching an all-time high this month according to Google search data.
The previous peak in stablecoin searches occurred in May 2022. After the collapse of the Terra algorithmic stablecoin and the Luna ecosystem. However, current data highlights a renewed surge in attention. Beginning mid-June and intensifying again in mid-July, shortly after the approval of regulatory clarity.
Stablecoin Market Hits $272B
Bitwise, a leading crypto asset manager, reported on Monday that “stablecoins are going parabolic” due to record-breaking growth in market cap and transaction volume. The stablecoin market now stands at $272 billion—a historic high. Making up nearly 7% of the total cryptocurrency market capitalization.
Tether (USDT), which comprises around 60% of the stablecoin sector, continues to dominate, with 98% of all stablecoins now pegged to the U.S. dollar. Experts say stablecoins have become vital instruments for investors seeking safe havens during volatile crypto market phases. While also facilitating efficient cross-border transfers and settlements.
As demand grows, more institutions are planning to release their own tokenized fiat currencies, aiming to meet investor appetite while mitigating exposure to crypto market risks. Their utility in DeFi, remittances, and financial infrastructure transformation continues to attract institutional momentum.
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