The total number of stablecoins on the market has just reached $180 billion

Despite a bearish market trend for the sector as a whole, the stablecoin supply has reached $180 billion, increasing by $9.5 billion in the last 30 days. Stablecoins are gaining attention to take the place of Bitcoin (BTC). According to Arcane Research and CryptoRank, the stablecoin supply has hit $180 billion.

Source: CryptoRank

Over the month of February, three stablecoins entered the top 10 coins by market capitalization, with Binance USD (BUSD) briefly entering the top spot. According to Arcane Research, Tether (USDT), USD Coin (USDC) and BUSD now account for a total of 9% of the overall crypto market cap. Furthermore,

“If USDC and USDT continue growing at similar rates as so far in 2022, USDC will become the largest stablecoin by market cap at the end of June.”

Total stablecoin supply. Source: Arcane Research

Tether’s good fortune continued this morning, with more positive news. Tether FUD was an obnoxious narrative in 2021 that harmed the crypto industry, but the USDT trajectory appears to be on the up at the moment. The firm decreased its commercial paper exposure by 21 percent in its most recent reserves attestation. Furthermore, according to the filing,

Stablecoins, on the other hand, are gaining popularity among cryptocurrency enthusiasts. Their applications are expanding particularly in developing countries, and stability is becoming even more important in such economies. Furthermore, for investors, stablecoin dominance is a valuable metric because it shows how much of the global market capitalization is controlled by one cryptocurrency.

Traders are hoping that $39,600 does not represent a major barrier with the overall supply of stablecoins reaching new all-time highs.

The Crypto Tax Calculator Australia is a great application for Australian cryptocurrency users to use to calculate their taxes needing to be paid from their cryptocurrency transactions. It is easy to use and fast, and it produces an accurate tax report that can be used at tax time. This report can be used when lodging your taxes with either yourself or your tax agent. If you’re looking for an easy way to calculate your crypto taxes, look no further than the Crypto Tax Calculator Australia!