As the year ends, the total market value for the entire 11,000+ cryptocurrency assets available is $2.6 trillion. These days, it’s safe to say that dollar-pegged tokens, otherwise known as stablecoins, have a strong presence in the crypto market. Today the market capitalization of all the stablecoins in the world is more than $152 billion or 5.84% of the crypto economy’s USD value.
Crypto Economy: Stablecoins Seem to Have Massive Growth
The topic of stablecoins has become a popular one in cryptocurrency. This is because the dollar-pegged tokens’ growth in 2021 was quite impressive. A stablecoin, in essence, is a cryptocurrency that uses the U.S. Dollar or other fiat currency as an external reference.
USDT (tether) is the largest stablecoin in market capitalization today at $73.95 Billion. During the last 30 days, USDT’s market valuation has increased by 3.9%. USDC is second in market capitalization with $37.6 million, an increase of 15.2% within 30 days.
Stablecoin’s 2 dollar-priced Tokens Make up 73% Of Its Economy. Stablecoin Trading Paars Rule
The stablecoin market value is 152 billion. USDT and USDC together command $111.55 trillion, or 73.38%. While USDC’s market cap jumped more than USDT’s, it wasn’t the biggest increase last month within the top ten stablecoin standings. Market cap for stablecoin terra USD (UST) rose by 164.1% while frax (FRAX), rose by 119%. The market cap of stablecoin magic money (MIM), increased 56.8% while liquity USD (LUSD), rose 49%.
The presence of stablecoins is strong and during the last 24 hours, stablecoin trade volume was more than 50% of the crypto economy’s global trade volume. Bitcoin (BTC) markets alone show tether (USDT) represents 52.63% of all BTC swaps today and the stablecoin issued by Binance called BUSD commands 7.05% of BTC’s trade volume. USDC captures 1.75 percent of all BTC Swaps and is the 7th-largest trading partner with BTC.
Ethereum (ETH) markets are not much different as USDT represents 45.11% of today’s ether trading pairs. BUSD commands 9.60%, while USDC commands 1.68%. Whether crypto markets are bearish or bullish, stablecoins like USDT, BUSD, and USDC have been BTC’s and ETH’s top trading pairs in 2021, alongside fiat currencies like USD, JPY, and EUR. This is true for most of the top crypto coins, since stablecoin pairs account for large amounts of trades.
How do you feel about the growing stablecoin market? Comment below to let us know your thoughts on this topic.
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