At the end of February 2021, the total trading volume in stablecoins reached a new high. According to The Block, the amount of transactions in digital assets backed by fiat money exceeded $ 360 billion last month.
Tether (USDT) continues to hold the first place. This asset accounts for up to 63.5% of the total volume of transactions in the market with the participation of stablecoins. USDT capitalization rose to $ 35.048 billion.
USD Coin (USDC) accounts for 18.7% of the total trading volume in fiat-backed coins. The capitalization of this stablecoin as of the end of February exceeded $ 8.835 billion.
DAI closes the top three, accounting for up to 9.6% of the total trade turnover.
USDT transactions reached $ 232 billion last month. Recently, the Unfolded team reported that the total market supply of stablecoins exceeded $ 50 billion for the first time.
Analysts believe that the growth in the capitalization of digital currencies with fiat backing indicates preparation for the next phase of capital inflow into the cryptocurrency market. First of all, it is a bullish signal for Bitcoin.
For example, in the Asian region, it is USDT that is used by investors to enter the crypto sphere and buy the largest cryptocurrency.
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