Global stablecoin market reaches $191.6B with 69% from USDT

The global stablecoin market has surged to a record $191.6 billion, marking a 46% increase this year, according to DefiLlama data cited by Bloomberg.

Tether (CRYPTO:USDT) leads the market, accounting for 69% of the total supply with a market cap of $133 billion, while USD Coin (CRYPTO:USDC) follows with $39.5 billion, capturing 21% of the market.

Stablecoins have experienced a steady rise in value throughout 2024, increasing by over 50% since January.

This growth highlights the recovery of the sector, which faced a significant $19 billion decline in 2022 after the collapse of TerraUSD (CRYPTO:UST).

By August, the market rebounded to $170 billion, continuing its upward trajectory.

The broader crypto market has also seen substantial growth, driven in part by President-elect Donald Trump’s positive stance on digital assets.

Cryptocurrencies, including Bitcoin (CRYPTO:BTC), which recently surpassed $99,000, have reached new all-time highs.

Coingecko data shows the crypto market’s overall value has risen by $0.88 trillion since Trump’s election victory.

Stablecoins are increasingly viewed as essential tools for global trade, particularly in cross-border transactions.

Tether recently completed its first crude oil transaction in the Middle East, signaling its potential role in international commerce.

The deal involved a publicly traded oil supermajor and a leading commodity dealer.

In the United Kingdom, policymakers aim to establish a regulatory framework for stablecoins by 2025.

Economic Secretary Tulip Siddiq confirmed the Labour government’s commitment to implementing plans set by the previous administration, which included incorporating stablecoins into payment laws.

Efforts to ease the Financial Conduct Authority’s strict crypto registration rules are also underway, fostering optimism among investors for broader crypto adoption.

At the time of reporting, the Tether price was $1.00.