The market capitalization of stablecoins has reached an all-time high of $168 million, marking 11 months of consecutive growth.
According to data from DefiLlama, the total market capitalization of stablecoins has surpassed the peak reached in March 2022.
However, the data does not include algorithmic stablecoins, which do not rely on external assets such as fiat or gold to maintain their value.
The market had previously reached an all-time high of $167 billion in March 2022, but experienced a sharp decline to $135 billion shortly thereafter.
Crypto analyst Patrick Scott, also known as "Dynamo DeFi," believes this recent rise in stablecoin market capitalization is a sign of new money entering the cryptocurrency space.