Market cap data from CoinMarketCap or similar cryptocurrency market data providers

Stablecoin Market Cap Hits Two-Year High, USDT Surges 11,700%, Supply Nears $162 Billion

Sep 4, 2024, 01:35 PM

The stablecoin market has experienced significant growth in 2024, with the combined market cap of all stablecoins rising by 30% this year, reaching a two-year high. USDT's market cap has surged from $1 billion to $118 billion year-to-date, marking an 11,700% increase. The sector has seen a substantial rise in transaction volumes, with over $600 billion being transferred monthly, representing a 50% increase since last year. Additionally, the number of daily active addresses on the Base network has surpassed 1.2 million, and the network has settled $5.4 billion worth of stablecoin transfers in a single day. Over 154,000 new contracts have been deployed to the chain. The overall stablecoin supply is approaching $162 billion, nearing all-time high numbers.