Stablecoin Market Cap Hits New ATH Of $168B After 11 Months Of Consecutive Growth

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Stablecoin market cap has hit a new all-time high at $168 billion after 11 months of consecutive growth, beating its last peak in March 2022. The data excludes algorithmic stablecoins, whose value is maintained through algorithmic mechanisms. Crypto analyst Patrick Scott in an X Post shared that he thinks this is a sign that ‘New money is entering crypto. USDT has been leading the stablecoins as throughout 2024, it has registered steady monthly gains, reaching over $117 billion in market cap. Circle’s USDC also had a year of gains, reaching a market cap of over $34 billion.