The acceptance of stablecoins by traditional companies has been surging, and it has been noted that three major automobile leaders began accepting payment in USDT.
Paolo Ardoino, the CEO of Tether, said in his most recent X post that Toyota, BYD, and Yamaha have now begun accepting USDT payments. He termed USDT as the digital dollar for hundreds of millions in the emerging markets.
Quoting the post on USDT acceptance, Paolo said it is easy, fast, and secure. Over the last few years, stablecoin acceptance has surged dramatically, and its global market is expected to hit a market capitalization of $1 trillion in the near future.
Earlier in August this year, it was reported that Volkswagen Singapore had begun accepting payments in cryptocurrencies, including Bitcoin, USDT, and others.
Stablecoins are becoming the pearl of the finance market
According to the data from CoinMarketCap, the market cap of stablecoins is $306 billion, with a surge of 1.18% in the past seven days and has grown nearly 5.47% in a month. Yet the market cap has added over 19% in a half-yearly time frame, and has a market dominance of 8.02, with USDT as the dominant coin.
USDT is now dominating 58.79% of the stablecoin category, followed by USDC, Ethena USDe, Dai, Sky Dollar, World Liberty Financial, BlackRock USD, and Falcon USD.
In terms of market cap, USDT stands at the top with a cap of $172 billion, followed by USDC having $73 billion of market capitalization, and USDe having a cap of $14.11 billion.
Following the growing adoption of stablecoins, the issuers of these have continued to mint and add new coins in circulation. Since the start of this year, stablecoins of more than $3 billion have been added.
A quick overview of the crypto market
At the time of publishing, the cryptocurrency market capitalization is $3.88 trillion with a loss of 3.79% in the past 24 hours, and the trading volume is $190 billion. The crypto fear and greed index is at 47, indicating neutrality, and the altcoin season index is at 61.
Bitcoin is now trading at $112,505 after falling 2.72% and Ethereum is priced at $4,162 after losing 6.78% in the past 24 hours. BNB lost 6.88% reaching $1,019.
The intraday loser list has been ruled by OG as it fell 23.82% followed by Pi and Pump token at the same time, gainers are Story, XDC Network, MYX Finance, Mantle, Pax Gold, and Tether Gold.
