Since the announcement on November 6, the entire value of stablecoins denominated in USD has surged to a new record high, according to a recent study from on-chain analytics company CryptoQuant.
The study, which monitors Tether's overall market capitalization, Tether USDT 0%
In the 86 days after Trump's victory, the combined value of Tether, USD Coin, Binance USD, True USD, Pax Dollar, and DAI has reached $204 billion, a 22 percent increase.The market value of stablecoin soars $37 billion, reaching a record high since Trump's win.
Since Donald Trump won the election in November, the market value of stablecoins has increased by $37.6 billion.
Since the stablecoin market cap serves as a significant source of liquidity for trading on exchanges and its growth generally corresponds with higher cryptocurrency prices, which encourages retail traders to become more active in the market, the report claims that it is a useful metric for assessing market activity. Additionally, the data indicates that USDC has shown robust growth throughout the same time frame, ranking second only to USDT. According to an excerpt from the paper, analysts at CryptoQuant think that the thriving stablecoin market may be an indication that the next big spike in the price of Bitcoin and other cryptocurrencies is about to happen.
While USDT is once again marginally positive after a brief contraction at the beginning of 2024, the liquidity impulse, which gauges the 30-day percentage change in market capitalization, is currently roaring at 20% for USDC.