Singapore Sees $1B Stablecoin Surge in Q2 2024, a Report Claims

Following the surge in popularity of blockchain-based currencies globally, stablecoin, NFTs, and ETFs evolved as the most significant byproducts. In the broader cryptocurrency market, Tether (USDT), a stablecoin is one of the highest traded crypto in the market. 

According to the recent report of Chianalysis, the total payments in stablecoin in Q2, 2024 in Singapore reached nearly $1 billion. The adoption and surged trading volume have been fueled by institutions and merchants opting for these due to better efficiency and low transaction costs. 

In the past few quarters, the usage and adoption of stablecoins have significantly surged in Singapore, with total transactions of stablecoins in 2023 being $161 million. 

Stablecoin Market Updates

According to CoinMarketCap all trading stablecoins collectively have a market capitalization of $171,324,684,887 and the collective intraday trading volume is $64,947,901,731. Tether (USDT) is the most prominent stablecoin with a market cap of $118,418,740,10. 

USDC has an intraday trading volume of $6,187,771,304 making it  

Nd most traded stablecoin of the market. Some other prominent stablecoins include DAI, First Digital USD (FDUSD), USDD, TrueUSD, and PayPal USD. 

Some other available reports also argue that USDT is one of the most used cryptocurrencies for illicit activities. In the first quarter of 2024, several analysis firms noted that terror groups involved in the Ukraine and Hamas wars were allegedly using USDT as a mode of payment.   

Over dozens of wallets were seized for illicit activities, and war funding in thas last quarter of 2023. Most recently Tether, Tron, and TRM Labs joined hands to tackle the surging illicit activities tied to USDT and Tron blockchain. 

Other Recent News Updates 

Since the beginning of August 2024, the global NFT market has seen market growth in terms of trading volume, and market capitalization. BOOGLE #025 became the most costly NFT traded for $143,070 in the past the past 24 hours followed by CryptoPunk #4034 for $91,232.

The report focusing on cryptocurrency adoption worldwide in 2024, powered by Chainalysis, notes that India has the fastest adoption of digital assets, and the number of users holding cryptocurrencies is also surging at a great pace. 

Market watchers claim that, if India gets a favourable and transparent set of rules for cryptocurrencies, then the nation could surpass all evolving crypto hubs globally and top the list. 

Nucoin, the native blockchain-based currency backed by Nubank, is no longer available for trading in the market. The major reasons behind its suspension are the loss of its trading prices by over 90% and low trading volume. 

Nucoin’s highest traded at $1.52, recorded on July 31, 2022, and its lowest trading price was $0.001197, recorded on May 11, 2022.

Crypto Market Price Update 

When writing the cryptocurrency market capitalization was $2.04 trillion with an intraday surge of 2.90%, however, the fear and greed index powered by CoinMarketCap is at 37 reflecting a fear in the market sentiment. 

Until publishing Bitcoin was trading at $58,039 with an intraday growth of 2.23%, and 2.30% in the past seven days. Its intraday trading volume grew roughly 17% reaching $36,576,629,952. 

In the past 24 hours, Sui (SUI) price surged more than 17% reaching $1.04 making it the topper of the intraday list, followed by Popcat trading at $0.6541 with an addition of 13.91% to its trading price. 

It is crucial to note that DOGS, a recently debuted memecoin having close ties with Telegram, has gathered huge attention in the market and has constantly overruled the trending list in the past few weeks. 

Wrapped Dog (WDOG) is the most visited cryptocurrency in the past 24 hours trading at $0.01462, with a surge of 8% in prices.