The total market capitalization of the stablecoin sector has reached a new milestone above the $200 billion mark, as demand for these assets within the broader cryptocurrency ecosystem grows. In just two weeks, stablecoins added over $10 billion to their market capitalization.

U.S. regulators are soliciting public comments on a request from NYSE Arca to list an exchange-traded fund (ETF) offered by Bitwise, offering investors exposure to Bitcoin and Ether, following the firms’ joint submission of filings with the Securities and Exchange Commission (SEC).

The cryptocurrency project supported by President-elect Donald Trump has purchased $5 million worth of the second-largest digital asset by market capitalization, Ethereum’s Ether, with data showing that the project now holds over $50 million worth of ETH.

Top stories in the Crypto Roundup today:

• Stablecoin Sector Hits $200 Billion Market Cap Milestone
• Regulators Seek Public Input on Proposed Bitcoin and Ethereum ETF Listing
• Trump-Backed Crypto Project Scoops Up $5 Million in Ethereum

Stablecoin Sector Hits $200 Billion Market Cap Milestone

The total market capitalization of the stablecoin sector has reached a new milestone above the $200 billion mark, as demand for these assets within the broader cryptocurrency ecosystem grows. In just two weeks, stablecoins added over $10 billion to their market capitalization.

The addition came after they surpassed the 2022 bull cycle record of $190 billion, according to CCData. Tether’s USDT, the leading stablecoin, saw its supply reach a record $139 billion after growing 12% in a single month after receiving recognition as an accepted virtual asset in Abu Dhabi.

Circle’s USDC, the second-largest stablecoin by market capitalization, also experienced significant growth, rising 9% to nearly $41 billion over the same period. Circle recently partnered with Binance, the world’s leading cryptocurrency exchange, to further promote USDC.

The stablecoin sector’s growth isn’t just associated with the cryptocurrency market, as there’s evidence for increasing usage for payments, remittances, and savings, particularly in developing economies grappling with currency depreciation and unstable financial systems.

Stablecoins are also seeing an expansion thanks to the rise of yield-bearing stablecoins like Ethena’s USDe token, which generates yield by shorting BTC and ETH perpetual futures farming the funding rate. It surged over 90% in a month to $5 billion. 

Regulators Seek Public Input on Proposed Bitcoin and Ethereum ETF Listing

U.S. regulators are soliciting public comments on a request from NYSE Arca to list an exchange-traded fund (ETF) offered by Bitwise, offering investors exposure to Bitcoin and Ether, following the firms’ joint submission of filings with the Securities and Exchange Commission (SEC).

The proposed Bitwise Bitcoin and Ethereum ETF is a spot cryptocurrency index fund that would hold the underlying Bitcoin and Ether, aiming to provide investors with a “balanced exposure to the two largest crypto assets in the world in an easy-to-access format.”

The move comes amid growing interest in cryptocurrency index ETFs, which industry analysts see as the next big focus for issuers, after funds offering direct exposure to Bitcoin and Ether were listed in January and July, respectively.

Late last month, the NYSE filed to list another Bitwise index ETF, the Bitwise 10 Crypto Index Fund, which would hold a basket of leading digital assets. Similarly, in late October, NYSE Arca asked the SEC for approval to list a proposed Grayscale Index ETF, the Grayscale Digital Large Cap Fund.

Trump-Backed Crypto Project Scoops Up $5 Million in Ethereum

The cryptocurrency project supported by President-elect Donald Trump has purchased $5 million worth of the second-largest digital asset by market capitalization, Ethereum’s Ether, with data showing that the project now holds over $50 million worth of ETH.

According to on-chain data, a wallet associated with the Save fork has made three separate transactions to receive 1,285 ETH from popular decentralized exchange CoW Swap. The funds appear to be being purchased using gains from the ongoing WLFI token sale.

The move could signal World Liberty Financial is looking to further engage with the cryptocurrency space. Its terms and conditions say the Trump family is set to receive 75% of the proceeds from the sale of WLFI and can manage the treasury.

The project's main wallet holds nearly $73 million worth of cryptocurrencies, including over $50 million in Ethereum, $10 million in Coinbase's wrapped Bitcoin token, and substantial holdings in USDC and USDT stablecoins, according to data from Arkham Research.

State of the Crypto by Top Tier Exchange Volume

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