The Total Supply of Dollar-Backed Stablecoins Have Crossed $100 Billion Mark

The dollar stablecoin market has surged above the $100 billion dollar mark. A bigger percentage of the growth in the market was propelled by Tether and USDC. At the time of this report, the accumulated value of stablecoins stands at about $100.33 billion.

Tether (USDT) holds the highest share at 62 percent, USDC follows at 21 percent. USDC has been surging in its growth over the past months. As at last year, the share of USDC held in the stablecoin market was just about 10 percent. 

The entire dollar stablecoin market has surged in value within the recent months. The value for the entire market at the beginning of the year was at $30 billion. This indicates the awesome growth it has seen so far. 

US Congress Reacts to the Growth of Stablecoins

The attention of global finance regulators have been turned to cryptocurrencies as it continues to gain. The US Congress last December proposed an act for the tethering and licensing of stablecoins. The proposal was meant to include the issuance of stablecoins under the law and compel stablecoin providers to be issued bank licences. 

Stablecoins are very important to the process of cryptocurrency trading. It enables faster transactions in the place of regular cryptocurrencies. They are also put to use in several exchanges that do not offer trading pairs with fiat. 

On Monday, Tether’s market cap went above $60 billion for the first time. Data from Whale Alert reports that over $6 billion worth of USDT were minted on the 24th of May. Tether announced that the increased demand for the stablecoin comes from both institutional and corporate entities. 

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