Bitcoin isn’t the only asset experiencing a slump
Stablecoins, cryptocurrencies typically pegged to real-world assets like the U.S. dollar, have wilted to their lowest market capitalization in over two years, as subdued trading volumes and a weaker dollar weigh on the market for the tokens.While the entire crypto ecosystem has bounced back somewhat from its 2022 lows, the market cap of the stablecoin sector is set to decline for the 18th consecutive month, according to research firm CCData.
“The reason why Tether has a stickiness among its users is the entire emerging markets, the entire central South America and Central Asia, basically runs on Tether,” he added.While only a fraction of the crypto market, worth more than $1 trillion, stablecoins play a key role for traders, allowing them to hedge against spikes in prices of other tokens, like bitcoin, or to store idle cash without transferring it back into fiat currency.
Though Paxos is maintaining support for BUSD through at least February 2024, a Binance spokesperson said the company is encouraging users to trade their balances for other stablecoins.
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