The market capitalization of stablecoins exceeded $10 billion, increasing by 70% in two months, changing the cryptocurrency pricing landscape

The latest data shows that the stablecoin market is showing explosive growth. As of Tuesday, the total market capitalization of stablecoins exceeded the $10 billion mark, surging by more than 70% in two months. This significant increase was largely due to a shift in the preference of crypto traders, who increasingly preferred to trade other crypto assets using stablecoins pegged to the U.S. dollar rather than Bitcoin.

Among the many stablecoins, a well-known stablecoin has performed particularly well, accounting for nearly 90% of the total supply of stablecoins. The stablecoin is actively traded on a number of major exchanges, with the most significant trading volume on one of the two largest exchanges.

It's worth noting that the way the cryptocurrency market is priced is undergoing a major shift. Over the past two years, traders have gradually moved away from using Bitcoin or Ethereum as a pricing benchmark for other tokens in favor of stablecoins. This shift reflects the market's quest for stability.

Industry analysts point out that stablecoins have a clear advantage in terms of quotations compared to bitcoin, which is more volatile. Stable prices give traders more confidence to hold and use them as a trading liquidity tool, thus enhancing the overall stability and predictability of the market.

This trend shows that as the cryptocurrency market continues to mature, participants are increasingly placing an emphasis on risk management and ease of trading. The rise of stablecoins has not only changed trading habits, but also brought new development opportunities to the entire crypto ecosystem.