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Stablecoin Brief: December 13th, 2023
Key Insights
- The overall stablecoin market capitalization continues to gain steam, with USDT reaching an all-time high of $90.5 billion. Additionally, USDC has held flat after a slight increase off its YTD low of $23.8 billion.
- Solana is witnessing substantial stablecoin growth, with nearly $150 million of USDC entering the network since the beginning of December. As Solana DeFi protocols continue to mature and potentially release tokens, this could serve as a catalyst for continued stablecoin growth within the ecosystem.
- New stablecoins from Aevo (aeUSD) and Gyroscope (GYD) were recently announced. Aevo’s aeUSD follows the emerging trend of yield-generating stablecoins by leveraging Maker’s Dai Savings Rate module. On the other hand, Gyroscope is innovating primarily risk controls and reserve-backing of its stablecoin.
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Prior to joining Messari, Seth worked in traditional finance software and services, and has a MSc in Applied Mathematics. Seth is a Senior Research Analyst on the Enterprise Research team, and focuses on infrastructure, verifiable compute, and the AI x Crypto intersection.
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