CandleFocus Stablecoin Adoption Surges: 8.7 Million Wallets Hold Amid Market Volatility
2024-09-15
Author: Content Editor
A report from CoinGecko has revealed that 8.7 million cryptocurrency wallets currently hold stablecoins. The majority of these stablecoins are concentrated in three major types: USDT, USDC, and DAI, which together account for 97.1% of all stablecoin holdings. While stablecoins are designed to offer price stability, some have experienced issues holding to their pegs in volatile markets. However, prominent stablecoins like USDT, USDC, and DAI have shown increased stability. Fiat-backed stablecoins have tripled in market capitalization to $161.2 billion, with Tether, USD Coin, and Dai accounting for over 94% of the market. Stablecoins pegged to specific commodities have experienced slight growth but make up just 0.8% of the total market cap. Stablecoins are valued in the blockchain industry for their ability to remain stable during market fluctuations.
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