The stablecoin market cap has recently reached a new all-time high of $168 billion.

This is without including algorithmic stablecoins.

What really boggles the mind is USDT, Tether, alone represents $118 billion of that, which is well over 50 percent. In fact it's nearly 75 percent.

Stablecoins are on the rise, considering this is the second piece of news regarding stablecoins that shocked me this month.

This is because Circle, the company that issues USDC with over seven figures per year in revenue, is apparently about to go public.