According to the results of a study by The Block Research, since the beginning of February, the total volume of stablecoins issuedincreased by 94%.
During this time, the total supply of stablecoins rose from $5.68 billion to $11.0 billion.In May, USDT became the third largest cryptocurrency by market capitalization.As shown in the chart below, the vast majority of the stablecoin's growth was driven by Tether. Its volume occupies 86.2% of the total capitalization of stablecoins.It is followed by the USDC stablecoin (6.6%), followed by– PAX (2.2%).
Analysts not sure record capitalizationstablecoin market means the influx of large investments in the industry. According to Larry Chermak, a leading analyst at The Block, this growth was triggered by the general economic crisis and the inability to quickly sell assets at competitive market prices. The lack of global liquidity and the constant release of a record number of stablecoins leads to the accumulation of assets.
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