The stablecoin economy has developed massively in the last 12 months, and its current valuation is only $13 billion shy of the $200 billion barrier. Terra’s UST, up 29.9% this month, and Neutrino Protocol’s USDN, up 43.8 percent, are the two greatest gainers in terms of 30-day issuance.
The market capitalization of stablecoins continues to rise, with Tether hitting the $80 billion mark.
Tether (USDT), the largest stablecoin by market value, climbed by 2% this month, crossing the $80 billion milestone, according to monthly figures. In comparison to the rest of the stablecoins in the crypto economy, USDT is vast, accounting for 42.78 percent of the $187 billion stablecoin market today.
Tether’s market value of $80 billion corresponds to 4.46 percent of the whole $1.83 trillion crypto ecosystem. USD coin (USDC), the second-largest stablecoin by market value, only rose by 0.3 percent in the last month.
USDC is currently valued at $52.3 billion, accounting for 2.92 percent of the crypto market and 27.96 percent of the stablecoin market. According to metrics as of March 14, 2022, the combined market capitalizations of USDC and USDT account for more over 70% of the whole stablecoin ecosystem.
The US dollar, which accounts for 42.16 percent of today’s trades, and the Turkisk lira (TRY), which accounts for 17.41 percent of tether trades, are the leading assets traded with tether (USDT). The euro, WBNB, and HUSD all trail the TRY. USDC and tether trade often, with USDT accounting for 64.18 percent of all tether swaps on Monday. Tether is followed by BUSD, USD, EUR, and WETH as the most popular trading pairings using the USD coin (USDC).
Stablecoins control 10% of the entire crypto economy’s net value, according to USDN, UST, and FRAX 30-Day Issuance Rises.
While the 30-day issuance rates of the USDT and USDC did not change significantly in the recent month, the 30-day issuance rates of the UST, FRAX, and USDN did. Terra’s UST grew by 29.8%, and the stablecoin now has a market valuation of roughly $14.7 billion as of this writing.
The 30-day issuance rate of Frax (FRAX) increased by 9.6%, while Neutrino Protocol’s USDN increased by 43.8 percent in the same month. FRAX has a market capitalization of $2.9 billion, while USDN has a market capitalization of $638 million.
Makerdao’s stablecoin DAI saw issuance levels drop by 4.6 percent in the last month, while magic internet money (MIM) suffered a 0.2 percent decrease. The Ethereum-based DAI has a market capitalization of $9.3 billion, whereas the Avalanche-based MIM has a market capitalization of $2.7 billion.
Overall, the stablecoin economy only needs to grow by $13 billion to reach the $200 billion mark. The $187 billion stablecoin economy accounts for almost 10% of the $1.83 trillion crypto economy at the time of writing.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.