USDT and USDC account for 50% of transaction volume among crypto assets: ITB

The stablecoin market is growing, increasing liquidity and stabilizing the crypto space. This growth can be seen in the two largest stablecoins, Tether USD (USDT) and USD Coin (USDC), which are now responsible for a large portion of the transaction volume in the crypto market.

A tweet from decentralized financial analytics platform IntoTheBlock revealed that USDT and USDC now account for roughly 50% of the total transaction volume among major cryptocurrencies. Analysts at IntoTheBlock said this growth highlights the crucial role of stablecoins in the crypto ecosystem.

Stablecoins are on the rise

Since the beginning of the year, stablecoins have reached several milestones. In August, its total market capitalization hit a new all-time high of nearly $170 billion, reflecting the growing adoption of these cryptocurrencies and recognition of their benefits. According to data from CoinMarketCap, the market capitalization had exceeded $172 billion at the time of writing.

Crypto developers are increasingly integrating stablecoins into existing payment systems and facilitating more use cases for digital assets in traditional finance.

Stablecoins are now used to make remittance payments and streamline cross-border transactions. This growth has attracted more users to the ecosystem, increasing the supply of stablecoins and leading to the emergence of new players like Ripple. Moreover, this growth indicates growing institutional interest and channeling of more funds into crypto.

USDT and USDC continue to dominate

Amidst the uninterrupted development of stablecoins, assets like USDT and USDC have remained dominant. USDT currently accounts for nearly 70% of the stablecoin market cap, rising from $92 billion at the start of the year to $119 billion at the time of writing.

The USDC, on the other hand, has also grown significantly since the beginning of the year, posting an increase of more than 41% from $24 billion in early January to $34.75 billion on October 18.

Jeremy Allaire, CEO of Circle, the issuer of the USDC, stated four months ago that stablecoins could represent at least 10% of the world’s economic money over the next decade, as the assets have the potential to revolutionize finance, trade and governance. . According to Allaire, the crypto industry is still in its early stages and stablecoins could become the wheels that drive significant development and rapid adoption.

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