The market capitalization of stablecoins just pierced $200 billion, reaching a record height in a sign the crypto market may be poised for further growth, according to CryptoQuant.

Stablecoins are digital tokens whose value is tied another asset, typically the U.S. dollar, to provide, as the name suggests, a stable price. They are used by traders to maintain the value of their investments as the switch between assets.

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