As crypto-assets grew immensely in value last year, the growth of the stablecoin economy swelled as well and today, there’s $170.24 billion worth of stablecoins in circulation. The data shows that stablecoin values have increased exponentially over the past 12 months.
Twelve-Month Statistics Show Massive Growth in Stablecoin Market Values
Last year, numerous crypto assets touched all-time high (ATH) prices as current data highlights the crypto economy’s significant growth in 2021. Additionally, stablecoins are fiat-pegged tokens that have experienced massive growth since the last year. Both centralized custodians have issued millions of tokens while decentralized protocols has issued many billions.
For instance, on January 11, 2021, tether’s (USDT) market cap was $24.4 billion and it has grown 221.31% since last year. The market capital of USDC (usd coin), which is the second largest stablecoin asset by market value, was $4.4 billion the day before. Today, USDC’s market cap is $43.9 billion, which is an increase of 897.72%.
The stablecoin issued by Binance (BUSD) only had a $1 billion market cap a year ago and now it’s $14 billion, increasing 1,300% this past year. Terra’s stablecoin UST had a market valuation of $138 million on January 11, 2021, and today the market cap is $10.5 billion.
Fiat-Pegged Crypto Gains have seen their market caps jump higher than most crypto gains over the past year.
Makerdao’s DAI token went from $1.3 billion to today’s $9 billion as it grew 592.30% over the last year. MIM, otherwise known as Magic Internet Money, is a stablecoin that’s not even a year old but is the 6th largest stablecoin in existence.
MIM started issuance in September 2021 with $5.4 million and today, MIM’s market cap is $4.6 billion. The stablecoin frax, FRAX (for stablecoins) currently has a market cap of $2 billion but it was just $92 million in 2017.
It’s safe to say some of the dollar-pegged token market caps that saw immense growth over the last year have seen their market cap gains grow more than the gains of traditional crypto assets like bitcoin or ethereum.
At the moment, 8.24% (or just more than 2 trillion) of crypto-economy is made up by stablecoins. Stablecoin global trade volume during the last 24 hours was around $72.6 billion, which is 61.94% of today’s $117.2 billion in volume across the entire crypto economy.
How do you feel about stablecoin market caps which have increased 500% to 1300% in the past year? Please comment below to let us know your thoughts on this topic.
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