The rise in the value of stablecoins usually indicates that the demand for cryptocurrency will increase, analysts say. Digital assets backed by fiat money are the main vehicle through which investors enter the crypto sphere.
The cap of the second-largest stablecoin, USDC, has been steadily increasing this year. This week, the asset's market supply exceeded $ 10 billion for the first time. On Saturday, March 20, it reached $ 10.7 billion.
USDC tokens are deployed on Ethereum as well as Stellar, Solana, and Algorand blockchains. USDC now accounts for up to 16.69% of the total stablecoin market.
Tether (USDT) ranks first in the ranking of collateralized digital currencies. Its capitalization exceeded $ 40.66 billion. This coin controls almost 70% of the stablecoin market.
The USDC token appeared in September 2019. It was developed by the CENTER consortium, founded by the Circle startup, and the Coinbase exchange.
This coin acts as a key instrument for North American investors entering the crypto market. The largest stablecoin, Tether, is used primarily by Asian traders.