The stablecoin market cap was well on track to rise further in December.
USDT’s market cap stormed past $90 billion in December, setting a new ATH.
Stablecoins are the backbone of the digital asset market, and they are often seen as having the best chance of replicating or even replacing traditional currencies.
An increase in stablecoin supply typically suggests increasing capital inflows into the crypto market. This is because most traders from traditional markets would use stablecoins to enter and exit trades on crypto exchanges.
To put it simply, stablecoins help in assessing how bullish the sentiment is for cryptos in general.
Stablecoins continue to ascend
According to the latest report by digital assets market data provider CCData, the total stablecoin marketcap rose 0.9% to $129 billion as of the 18th of December, the highest in seven months.
Source: CCData
The market cap was well on track to rise further in December as demand for other top cryptos continued to soar.
Bitcoi
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