Stablecoins now make up 15% of the entire crypto market cap.
13-06-2022
By: Sudeep Saxena
Stablecoin Market now accounts for over 15% of the whole
crypto economy's market cap The stablecoin economy was worth $190 billion on April 11, around two months ago, and was on its way to topping $200 billion. However, the fiat-pegged token economy has lost $16.31 billion in value since the Terra stablecoin debacle. While that value was eliminated from the stablecoin market, stablecoins nevertheless accounted for 9.35 percent of the whole crypto economy's net US dollar worth at the time. After 61 days, the crypto economy is valued at around $1.15 trillion, with stablecoins accounting for 13.8 percent of that total.
On May 6, 2022, three stablecoins were among the top 10 digital currencies in terms of market capitalization for the first time in history. It was tether (USDT), USD coin (USDC), and terrausd (UST) at the time, but that was before the UST collapse.
While terrausd is no longer in the top ten, three stablecoins remain in the top ten today, with Binance USD being the seven7th-largest crypto asset by market valuation. The stablecoin economy was valued at $190 billion two months ago on April 11, but it is currently valued at $159 billion.
The whole crypto economy was worth $2.03 trillion on that day in April, and it is now worth around $1.15 trillion. Despite the fact that the UST collapse caused billions of dollars to flee the stablecoin ecosystem, Terra still has a far larger lead than it had when it was reaching $200 billion.
Stablecoins also account for a significant amount of trading volume; at the time of writing, fiat-pegged tokens had $46.1 billion in trade volume, compared to $71.6 billion for all crypto assets combined. According to the data, stablecoin pairs account for 64.38 percent of all digital currency exchanges today.
Tether (USDT) trades, for example, account for 60.26 percent of bitcoin's global trade volume, whereas BUSD accounts for 10.05 percent. According to sources, BTC's top two trading pairs are USDT and BUSD at the time of writing.
Tether is still the king of stablecoins, with a market cap of $72 billion, accounting for more than 6% of the whole crypto economy. With a market worth of $53.7 billion, the USD coin is the second-largest stablecoin.
USDC currently controls more than 4% of the crypto economy, and USDC and USDT together account for 76.92 percent of the overall stablecoin market cap of 13.40 percent. BUSD, on the other hand, accounts for 1.58 percent of the whole crypto economy. Stablecoins like DAI, FRAX, TUSD, and USDP account for little more than 1% of the cryptocurrency economy.
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