The market cap of stablecoins has reached a new high of $226.8 billion, with $2.43 billion added in the past week alone. Tether (USDT) remains the largest stablecoin with a market value of $143 billion, followed by USD Coin (USDC) with a market cap of $57 billion. Ethena USDe (USDE) has become the third-largest stablecoin with a market capitalization of $5.45 billion. Solana (SOL) has seen significant growth in stablecoin usage, rising from $4 billion in December to $11.7 billion in March. Despite the increase in stablecoins, decentralized exchange trading volumes have decreased. The market downturn has led to a rotation of capital from Bitcoin and altcoins to stablecoins, possibly due to cautious investor behavior. Regulatory momentum and interest from banks and fintech companies are driving the expansion of the stablecoin market. Stablecoin transaction volumes have risen to $710 billion, and there are now over 35 million distinct stablecoin addresses. More financial institutions are preparing to enter the market as regulators work on stablecoin regulations.



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