In the 12 months since the start of 2018, the stablecoin industry has experienced a massive growth. The current value is $13 billion short of reaching $200 billion. This month, the two biggest gainers in terms of 30-day issuance include Terra’s UST jumping 29.9% and Neutrino Protocol’s USDN spiking 43.8%.
Stablecoin Market Capitalization Continues To Swell; Tether Crosses $80 Billillion
Monthly statistics indicate that USDT, the biggest stablecoin by market capitalization (USDT), increased this month by 2%. Its valuation has now reached $80billion. USDT, which is valued at 42.78% today of $187 billion in stablecoins, is huge compared with the other stablecoins.
Furthermore, tether’s $80 billion market capitalization equates to 4.46% of the entire $1.83 trillion crypto economy. Usd coin (USDC), which is the second most stablecoin by market capitalization, only increased by 0.3% over the past month.
USDC currently has a market value of $52.3 billion. This equates with 2.92% and 27.96% respectively of crypto economies. On March 14th, 2022, metrics showed that USDC and USDT combined have market capitalizations of more than 70%.
The top assets exchanging hands with tether (USDT) is the U.S. dollar with 42.16% of today’s share and the Turkisk lira (TRY) with 17.41% of tether trades. The euro, WBNB and HUSD are closely followed by TRY. USDC trades a lot with tether as USDT represents 64.18% of Monday’s tether swaps. USD, EUR, WETH, BUSD and USD are all top trading pairs using tether.
USDN, UST, and FRAX Record 30-Day Issuance Rises, Stablecoins Command 10% of the Entire Crypto Economy’s Net Value
USDT, USDC and USDC didn’t see significant rises in the month of March, but UST, FRAX and USDN all saw an increase in their 30-day issuance rates. Terra’s UST increased by 29.8% and today, the stablecoin has a market capitalization of around $14.7 billion at the time of writing.
Frax (FRAX), saw its 30-day issuance rate jump by 9.6% and Neutrino Protocol’s USDN rose by 43.8% during the last month. FRAX currently has a market valuation of $2.9Billion and USDN a $638 Million market capitalization.
Makerdao’s stablecoin DAI, saw issuance levels dip during the last month down 4.6% and magic internet money (MIM) saw a loss of 0.2% this past month. A $9.3 billion market market valuation is available for Ethereum-based DAI, and a $2.7 million market capitalization exists for Avalanche-based MIM.
The entire stablecoin market has only $13 billion to grow before it reaches the $200 billion mark. The $187 billion stablecoin market is more than 10% of $1.83 trillion in crypto economics at the time this article was written.
What do you think about the stablecoin economy’s continued growth? Please comment below on your views.
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