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In November 2023, the capitalization of the stable coin sector grew by 3% – from $120 billion to $124.05 billion. According to the Coin Metrics report, such indicators could indicate a steady flow of capital into the market. As can be seen in the graph, this is the first sustained upward jump in the indicator since April-May 2022. For the most part, the positive dynamics are due to the increase in USDT capitalization – by more than $7 billion since mid-August 2023. Source: Coin Metrics You might also like: BlackRock spotlights stable coin risks in Bitcoin ETF filing At the same time, not only the capitalization of the asset increased, but also the number of its large holders, Coin Metrics notes. The number of addresses holding more than $100,000 in USDT has increased sharply on the Tron network and remains relatively stable on Ethereum. The same cannot be said about USDC, a direct competitor of USDT, the report emphasizes. Source: Coin Metrics In a...

USDC has been in the headlines recently due to Coinbase. The cryptocurrency exchange had also recently acquired a stake in USDC. The second-largest stablecoin, USDC, is set to dramatically expand its blockchain integration, deploying on six more networks soon, according to sources. Also Read: Ripple: Attorney Claims Lawsuit Hindered XRP Adoption by 3 Years USDC reportedly launching on six blockchains USDC is reportedly launching on Polygon PoS, Base, Polkadot, NEAR, Optimism, and Cosmos via the Noble Network. This is in addition to its existing presence on Ethereum, Avalanche, and other leading chains. The move could significantly boost the adoption and utility of the second-largest stablecoin. More blockchain access provides easier on-ramps for user funds and opens up integration with DeFi protocols on new networks. Also read: BIS Cautions Developing Economies on Crypto’s Financial Stability Threat According to a recent official statement, it has been announc...