The combined market capitalization of the top five stablecoins has surpassed $200 billion for the first time. This surge in demand is attributed to investors seeking refuge from the declining prices of cryptocurrencies like bitcoin and ether. The market leader, Tether, has maintained a market cap of around $140 billion, while the second-ranked stablecoin, USDC, has seen its market cap increase by $25 billion since the U.S. election. Treasury Secretary Scott Bessent has pledged to use these stablecoins to help maintain the U.S. dollar as the world's reserve currency. This move aims to address concerns over macroeconomic and geopolitical uncertainty. By holding U.S. debt as reserves, stablecoins could help lower Treasury yields while expanding the global dominance of the dollar.



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