Stablecoins Volume Jumps

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Stablecoins Volume Jumps

Stablecoins Volume Crossed $250 Billion

According to a new report from Binance, the market value of stablecoins has crossed the $250 billion mark. So, while the entire crypto market only jumped a little bit, the clear winner was the stablecoins.

This jump in the stablecoins volume comes at a time when the US Senate passed major legislation. According to experts, the Genesis Act was passed by the Senate, which increased the adoption of stablecoins.

Crypto Market Cap Jumps Higher

The act made it possible for stablecoins to come under a regulated framework. At the same time, it also opened the door for new companies to enter the stablecoins market.

That's also why the USDC entered the markets and was responsible for 70% of the overall stablecoin issuance last month.

The regulation of the stablecoin also led to growth in other areas of the market. For starters, a 2.62% jump was seen in the overall market cap of crypto despite the heavy volatility.

Meanwhile, firms which are related to crypto also enjoyed big gains. Especially those firms which have adopted the BTC treasury strategies were the clear winners.

The best example is MetaPlanet, which has been putting a portion of its money into BTC. The recent jump in the BTC prices has also led to a hike in the share prices of MetaPlanet.

Also, the inflows into the ETFs remained strong even in the turbulent market. The net inflows in the BTC were around $4.5 billion, while the inflows into ETH were $1.16 billion.

Overall, this is good news for the entire crypto market as trading & other activities are fueled by the stablecoins. This has also opened a new opportunity for governments around the world to move towards digital currencies.

It is now clear that the eventual path ahead for even the fiat currencies is the digital route. We are now entering an era where the leading currencies will eventually become available in the digital format.

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