Illustration shows representations of cryptocurrenciesStablecoins, cryptocurrencies typically pegged to real-world assets like the U.S. dollar, have wilted to their lowest market capitalization in over two years, as subdued trading volumes and a weaker dollar weigh on the market for the tokens.While the entire crypto ecosystem has bounced back somewhat from its 2022 lows, the market cap of the stablecoin sector is set to decline for the 18th consecutive month, according to research firm CCData.
Paolo Ardoino, the chief technology officer of Tether, said the coin's value had been supported by its popularity in certain parts of the world. The market has also been hit by the losses of Binance's dollar-linked token BUSD, which is down about 89% from an all-time high hit in November. In February, the New York Department of Financial Services ordered issuer Paxos to stop minting the token, which was once the third-largest stablecoin.
USD Coin , the second-largest stablecoin, has seen its market cap slide more than 53% from the all-time high it hit in June last year, and is now hovering above $26 billion.
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