Stablecoins Get Their Moment as Crypto Selloff Drives Yield Hunt
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The sharp selloff in crypto tokens since late November has done little to dent appetite for stablecoins, their less exciting cousins.
While the likes of Binance Coin, Solana, Cardano and Polkadot have dropped 36% or more from their record levels, the market value of stablecoins -- whose value are pegged to another asset, often the U.S. dollar -- has continued to expand. Tether (USDT) now has a market cap of $78.5 billion, according to CoinGecko data, putting it behind just Bitcoin and Ether. USD Coin (USDC) recently edged out Solana to take the fifth spot at $44 billion.