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CoinMarketCap

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CoinMarketCap

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  • Thailand’s SEC Approves Tether’s USDT and Circle’s USDC Stablecoins for Trading on Regulated Exchanges Thailand’s Securities and Exchange Commission (SEC) has officially approved Tether’s USDT and Circle’s USDC stablecoins for trading on regulated exchanges. Thailand’s Securities and Exchange Commission (SEC) has officially approved Tether’s USDT and Circle’s USDC stablecoins for trading on regulated exchanges. This decision, made after a public consultation in February, will take effect on March 16. The SEC previously approved only Bitcoin (BTC), Ether (ETH), XRP, Stellar (XLM), and certain tokens used in the Bank of Thailand’s settlement system for trading. With this move, Thailand expands its list of approved cryptocurrencies, further legitimizing the use of stablecoins in the country. Tether’s approval in Thailand comes after the company ensured compliance with local regulations, and it allows digital asset businesses to adopt USDT. Tether CEO Paolo Ardoino expressed the company’s commitment to providing Thai users with secure and reliable stablecoin services, emphasizing the company’s focus on improving its offerings in the Thai market. USDT, the largest stablecoin by market capitalization, is valued at $142 billion, followed by USDC with a market cap of $58 billion. Thailand’s decision aligns with global trends that show increasing use of stablecoins in the crypto space. This shift is especially prominent in emerging markets, where stablecoins are becoming a preferred option for cross-border payments. A report from a16z Crypto revealed that in December 2024 alone, 28.5 million unique stablecoin users conducted over 600 million transactions, indicating the growing popularity of stablecoins, particularly in regions like Southeast Asia, Africa, and Latin America. Stablecoins offer cheaper and faster alternatives to traditional remittance systems. In Sub-Saharan Africa, for instance, using stablecoins for remittances can cost up to 60% less than traditional methods. The approval of USDT and USDC in Thailand is expected to increase their use in the country’s financial systems and contribute to the broader adoption of cryptocurrencies. Thailand is also enhancing its regulatory framework, having set up a regulatory sandbox in August 2024 to allow service providers to experiment with crypto technologies. Despite Tether’s dominance in the stablecoin market, it faces rising competition. Global financial institutions, such as Bank of America, are looking to launch their own stablecoins for cross-border payments. In addition, Tether has been excluded from the EU’s Markets in Crypto-Assets (MiCA) regulations, complicating its growth in Europe. However, Thailand’s approval of USDT and USDC demonstrates the country’s commitment to integrating cryptocurrencies into its financial ecosystem and positioning itself as a leader in Southeast Asia’s crypto space. With this move, Thailand continues to push for wider cryptocurrency adoption, setting a strong precedent for other nations in the region to follow. This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
  • Solana DEX Volumes Compete With Ethereum Despite Meme Coin Market Collapse: VanEck Solana’s decentralized exchange (DEX) volumes remain competitive with Ethereum’s ecosystem despite a sharp decline in meme coin trading activity. Solana’s decentralized exchange (DEX) volumes remain competitive with Ethereum’s ecosystem despite a sharp decline in meme coin trading activity, according to a report by asset manager VanEck. In February, Solana briefly accounted for 43% of all on-chain DEX trading volume, surpassing Ethereum and its layer-2 networks combined. By March, its share had dropped to around 30%, slightly below Ethereum’s 40%. VanEck’s head of research, Matthew Sigel, noted that despite the decline in meme coin activity, Solana’s DEX volumes were still on par with Ethereum’s ecosystem. However, trading activity on the Solana network slowed significantly after a series of meme coin-related incidents. Stablecoin transfers, critical for on-chain trading, dropped by 80% compared to January levels. The decline was partly triggered by the collapse of several high-profile meme coins, including Libra, a token linked to Argentine President Javier Milei. On Feb. 14, Libra lost approximately $4.4 billion in market capitalization within hours of its launch. Another major loss came from Official Trump (TRUMP), a meme coin associated with U.S. President Donald Trump. Since January, traders have lost around $2 billion across 800,000 wallets tied to the token. Meme coin trading, which primarily occurs on the Pump.fun platform, has been a major revenue source for Solana, accounting for approximately 80% of the network’s income. However, new token launches on Pump.fun have dropped by over 80% since the beginning of the year. Most tokens launched on the platform gain initial liquidity there before transitioning to Raydium, Solana’s leading DEX. Raydium continues to hold over $1.3 billion in total value locked (TVL), according to DefiLlama. Despite the decline in meme coin activity, Solana has outperformed the broader crypto market in the current cycle. VanEck reported that Solana’s token price has surged by 191%, while on-chain revenues, excluding maximal extractable value (MEV), have increased by 700%. The supply of stablecoins on Solana has also risen by 291% this year. VanEck highlighted that meme coin trading has been one of the biggest drivers of Solana’s recent growth. The firm noted that Pump.fun alone has generated more than $577 million in fees in just over a year. However, the recent decline in meme coin trading raises questions about the sustainability of Solana’s rapid growth. While the network has proven resilient, its heavy reliance on speculative trading could present challenges if meme coin activity continues to drop. This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
  • CMC Labs is CoinMarketCap’s accelerator program, dedicated to helping high-quality crypto startups reach their full potential. With our extensive network and resources, we provide startups with the tools and connections they need to succeed. KEY OVERVIEW - 250m+ monthly pageviews on coinmarketcap.com - 50+ active and high-value partners for Labs + 100s more connections - A highly selective program HOW IT WORKS 1. Application submission: Submit your application online. 2. Initial evaluation: Our team reviews your application. 3. Meet the CMC Labs team: Selected startups have an initial conversation with our team. 4. Committee voting: If there is mutual interest, an internal committee votes on your application. 5. Acceptance and onboarding: Successful startups are onboarded into the program. 6. Acceleration program: Use our extensive acceleration package and features. 7. Post-acceleration support: Receive ongoing support even after the program ends.
  • 2 Solana Futures ETFs Listed on DTCC, Raising Hopes for Spot Solana ETF Approval Two Solana futures exchange-traded funds (ETFs) from Volatility Shares have appeared on the Depository Trust and Clearing Corporation (DTCC) list. Two Solana futures exchange-traded funds (ETFs) from Volatility Shares have appeared on the Depository Trust and Clearing Corporation (DTCC) list. These funds, the Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2x Solana ETF (SOLT), mark the first Solana-based products to be added to the list. These ETFs are designed to offer investors exposure to Solana futures contracts, which are now available through exchanges regulated by the Commodity Futures Trading Commission (CFTC). While the funds’ listing on the DTCC is a significant step, experts caution that it does not mean the ETFs are ready for trading. A similar situation occurred when VanEck's Ethereum ETF was listed on the DTCC in May 2024 and began trading on Cboe two months later. For the Volatility Shares funds, their listing indicates preparation for trading but doesn’t guarantee immediate market availability. The launch of Solana futures contracts on Coinbase’s CFTC-regulated derivatives exchange earlier this month made these ETFs possible. Volatility Shares originally filed for three new Solana ETFs last year, which would provide 1x, 2x, and -1x leveraged exposure to Solana futures. However, the -1x leveraged ETF does not appear on the DTCC list. This progress comes at a time when the U.S. Securities and Exchange Commission (SEC) has also acknowledged spot Solana ETF filings from issuers such as 21Shares, Bitwise, Canary, and VanEck, signaling growing momentum for Solana-based investment products. Bloomberg Senior ETF Analyst Eric Balchunas noted that Volatility’s filings bode well for the possibility of a spot Solana ETF approval, although a DTCC listing is just one step in the process. Despite the progress in Solana’s ETF offerings, it’s important to remember that the launch of these ETFs is still in its early stages. Solana’s price is trading at $135.42, down 0.1% in the past 24 hours, indicating that its market performance remains somewhat volatile. Solana is not the only altcoin seeing interest from investors. Other cryptocurrencies, including XRP, Litecoin, and Dogecoin, are also drawing attention from U.S. issuers working to launch exchange-traded products. These developments come as the regulatory environment around digital assets continues to evolve, allowing more financial products based on cryptocurrencies to enter the market. The appearance of Solana ETFs on the DTCC list and the recent launch of Solana futures contracts on regulated exchanges suggest that these products could soon become more common. This reflects the ongoing changes in the crypto industry as it becomes more integrated into traditional financial markets, opening new opportunities for both institutional and retail investors. This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
  • Never back down. Never give up
  • CMC Research: Alephium Deep Dive In collaboration with @alephium, we explore how sharded Layer-1 combines Bitcoin's UTXO with Ethereum's account model, achieves 10K TPS through innovative sharding, and reduces energy usage by 87% with Proof of Less Work. Read our full analysis
  • Solana Falls 8.8% Following LIBRA Meme Coin Crash and $2 Billion Token Unlock Threat Solana’s price has dropped 8.8% in the past 24 hours, hitting $169.01, marking its lowest point since mid-December. Solana’s price has dropped 8.8% in the past 24 hours, hitting $169.01, marking its lowest point since mid-December. This comes amid a wave of controversies surrounding meme coins like LIBRA and Harry Bolz (HARRYBOLZ) that are based on Solana's blockchain. Solana has fallen 16.5% in the past week and 39.1% since last month, according to CoinMarketCap data. LIBRA, a Solana-based meme coin, quickly gained attention after launching on Friday, briefly reaching a market cap of over $4 billion. However, it soon crashed, shedding more than $4.4 billion in value just hours after its peak. The token’s rise and fall were tied to its endorsement by Argentine President Javier Milei. The endorsement led to fraud charges against Milei, filed by his political opponents. The complaint accuses him of misleading the public by promoting the token and it alleges insider trading. Further controversy has surrounded LIBRA, with blockchain investigators linking its backers to those behind Melania Trump’s meme coin, MELANIA. Harry Bolz (HARRYBOLZ), another meme coin on Solana’s blockchain, saw an incredible surge of 54,637% before crashing. The brief surge was sparked when Tesla CEO Elon Musk changed his name on X (formerly Twitter) to match the coin. Another Solana meme coin, Vigilante (VIGI), surged and then collapsed by 69% after a man was arrested while trying to promote the coin by climbing the Hollywood sign. Beyond meme coins, other factors are adding to the negative sentiment around Solana. A major event on March 1, when 11.2 million SOL tokens (worth $2.06 billion at current prices) will be unlocked, is creating concern. These tokens were acquired by firms during the liquidation of FTX’s assets, and their release may lead to large-scale selling of SOL, putting additional pressure on the price. However, there is still some optimism regarding Solana's long-term potential. Recently, the network marked one full year without a network outage, something that had been a recurring issue in the past, particularly in 2022. Despite the current drop in SOL’s price, some analysts believe Solana's future remains bright. VanEck, a prominent asset management firm, has predicted that SOL could rise to $520 by the end of 2025. This is based on expectations that Solana will capture more of the smart contract blockchain market and increase its share of decentralized exchange (DEX) volumes and active users. Although Solana faces challenges in the short term, including the issues with meme coins and the upcoming token unlock, some investors remain optimistic about its longer-term prospects. This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
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