Hedera Hashgraph (HBAR) is making huge strides in becoming a stablecoin powerhouse. The popular Distributed Ledger Technology (DLT) employing HBAR network is showing exceptional numbers in the stablecoin field, with this niche market cap growing 38.77% in just 7 days to tackle $172 million, according to DefiLlama.
HBAR Activity Bursts Out 2,150% On USDC Support
Among those, Circle USD (USDC) emerged as the biggest start, picking up 2,150% gains during the same time frame. While the United States government is pushing for comprehensive stablecoin legislation & the European Union has already implemented MiCA regulation, USDC remains one of the most compliant stablecoins.
On the Hedera network, USDC has an ultra high dominance of 99.87%, while the chain fees garnered $1,137 to bolster Hederaโs overall total value locked (TVL) to $209.63 million. As cross-chain borders are opening up for stablecoins, USDC could emerge as the number one substitute for the United States Dollar (USD).
Implications Of Hederaโs Volume Uptick On HBAR Price
Meanwhile, Hederaโs trading volume stats have equaled $224.12M over the past 24 hours, equipping HBAR trading volume with a 52% boost since yesterday. At $8.38 billion market capitalization, HBAR price now recouped the major support levels of $0.20 after a week-long hiatus, whipping up 4.4% gains today.
Indeed, if something big is coming, a breach past $10 billion in market capitalization is likely. Considering HBAR price appreciation, the altcoin was twice rejected at the $0.37 barrier this year, but HBAR bulls might be looking to finally push through this threshold to tackle the long-untouched all-time high (ATH).
On The Flipside
- Hederaโs $0.56 record peak was hit over 3 years ago, but the networkโs market capitalization was considerably slimmer back then, topping at $6.68 billion in 2021.
Why This Matters
Stablecoin legislation has opened the borders for merchants to freely choose between fiat and digital currencies. Cross-border payment systems such as SWIFT encircle a $150 trillion market cap, which is approximately 50 times larger than the current cryptoโs overall cap.
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