More investors are moving away from cryptocurrencies to stable coins.
Stable coin dominance is close to an all time high set in June. The percentage is determined by how much stable coins make up of the total market cap.
According to Paolo Ardoino, chief technology officer of the world's largest stable coin, Tether, stable coins have been growing independently of market cycles. Stable coins are created based on market supply and demand, so when there is a fall in the price of stable coins, traders can use them to move out of positions.
According to data from The Block, the total stable coin supply peaked in April at $182 billion but has since fallen to 141.3 billion.
Stable coins have grown vastly over the years, and will continue to grow as the market develops, Ardoino said.
It is possible to make the economy more efficient by bringing digital dollars to the real world.
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