The stablecoin market has surged to $160 billion, a level not seen since Terra's UST (CRYPTO:UST) crash in May 2022.

Over the past month, various stablecoins, led by Ethena's USDE (CRYPTO:USDE), have witnessed significant increases in supply, with the market growing by $28.63 billion since December 2023.

Tether (CRYPTO:USDT) and Circle's USD Coin (CRYPTO:USDC) dominate the market, comprising over 93% of its total value, while other contenders like Makerdao's DAI and First Digital's FDUSD also experience notable growth.

As confidence in fiat-pegged crypto assets continues to rise, the stablecoin market approaches new milestones, signaling its sustained expansion.