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The market for stablecoins has grown significantly over the last two years and is now one of the most vital components of the crypto ecosystem. Stablecoins rely on different approaches to maintain a stable value relative to one or several currencies or other assets (including crypto-assets). In contrast, others make use of algorithms to maintain a stable value. Stablecoin market capitalization surpassed $160 billion at its height and currently stands at $142.82 billion.
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