As of January 16th, we've observed a notable uptick in the stablecoin sector, with the total market capitalization climbing by 2.45% to reach $134 billion—marking the highest point since February 2023 and the fourth month of continuous growth, reflecting the growing positive sentiment in the cryptocurrency market, especially after the US's approval of a spot Bitcoin ETF.

• In January, the total market capitalisation of stablecoins rose 2.45% to $134bn, recording the highest end-of-month market cap since February 2023. This was the fourth consecutive month of increase. Meanwhile, the market capitalisation dominance of stablecoins fell to 7.78% in January, its lowest market share since December 2021.
• Stablecoin trading volume rose 27.6% to $995bn in December, recording the highest stablecoins trading volume on CEXs since May 2022. Volumes are on track to record a higher total in January, with $579n traded in volume on CEXs as of the 10th.