2024-07-22 21:14:28
Investing.com – According to recent reports from Son Blockchain, the number of stablecoins in circulation has reached levels last seen at the market peak in 2022.
During July, stable supply grew by about 15 billion dollars, which currently stands at 165.7 billion dollars. (), the market leader, continues to expand its offer and maintains its dominant position with a market value of 114 billion dollars. Far behind is USDC, its main competitor, with a market value of 34 billion dollars. DAI, known for its algorithmic structure, is in third place with a market cap of $5.3 billion.
Over the past four years, the use of stablecoins has grown beyond commercial transactions, with a more than 15-fold increase in the amount in circulation. Recently, these coins have often been used on decentralized platforms to get a steady income.
As the use of stablecoins continues to grow, so has their association with illicit activities. This phenomenon has drawn the attention of government regulators, leading legislators to prioritize specific regulation for these assets.
A recent example of this trend is the new decision of the Basel Committee on stablecoins, which sets standards for banking regulations and published a revised version of its standards. In this release, stable coins like JPM Coin JPMorgan (NYSE:) are categorized in Group 1b.
On the other hand, stablecoins such as USDT and USDC were classified in Group 2, expecting strict limits to be imposed on bank investments in those currencies.
This move, which could limit the integration of stablecoins in traditional markets, is expected to receive criticism from the crypto community. In addition, the European Union’s crypto regulation, known as MiCA, is expected to have a negative impact on the stablecoin market, especially Tether. However, this asset could have a significant advantage during these developments if the USDC meets European standards.
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