$76B Fiat Flood into Crypto Sends Strong Market Signal
Main Idea
The stablecoin market is experiencing significant growth, driven by increased inflows into USDT and USDC, and the passage of the GENIUS Act has played a key role in this expansion.
Key Points
1. Tether's USDT market cap grew from $120 billion to $165 billion, while Circle's USDC increased from $34 billion to $65 billion, reflecting a $76 billion influx into stablecoins.
2. The GENIUS Act, signed into law on July 18, is the first major cryptocurrency regulation passed by Congress and has catalyzed the growth of the stablecoin market.
3. Circle, the company behind USDC, went public in June, raising approximately $1.2 billion, with revenue and reserve income surging 53% year-over-year to $658 million despite a net loss of $482 million due to IPO-related charges.
Description
The stablecoin market is witnessing a remarkable surge. Billions of fresh capital are potentially setting the stage for increased trading activity and asset appreciation. USDT and USDC’s combined growth means investors are positioning for further upside across the crypto market. Billions in Fiat Pour Tether’s USDT saw its market cap climb from $120 billion before the US election in November 2024, when Donald Trump secured a victory, to the current $165 billion, according to data shared by Matrix...
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