• The stablecoin market cap hit a 15-month high of $141 billion.
• USDC’s market cap growth outpaced USDT.

In what was a sign of a clear bullish sentiment, the global stablecoin value recovered to levels last seen before the onset of the crypto bear market.

The market capitalization of such cryptos, which mimic the stability of national currencies, hit a 15-month high of $141 billion at press time, AMBCrypto noticed using DeFiLlama data,

Institutional investors driving demand?

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.

The approval of spot Bitcoin [BTC] ETFs spurred demand for cryptocurrencies, causing many TradFi giants to enter the crypto landscape.

Most of these institutional investors have been steadily increasing their stablecoin holdings since the approval.

Notably, whale wallets accounted for 54% of the total stablecoin supply at press time, up from 49% on the approval day, according to AMBCrypto’s analysis of Santiment data.

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Author: Aniket Verma

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