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The stablecoin market is reportedly outgrowing the larger cryptocurrency sector following recent U.S. legislation. That’s according to a report Tuesday by CoinDesk, citing findings from J.P. Morgan that showed that the $300b stablecoin market has grown 42% so far this year, double the 21% growth in the overall crypto market. Circle’s USDC seems to be the biggest beneficiary, the analysts said.
“About 18 months ago, it was pretty consistently 1% of deposits leaving institutions on a monthly basis and going to crypto exchanges. Earlier this year, it was about 3%. Now we’re seeing it, you know, edge up to 5% for our clients,” said Ungerland.
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