As of September 25, 2021, there’s $129.3 billion worth of stablecoin assets in existence which represents 6.54% of the crypto economy. The second largest stablecoin by market valuation, the USDC, saw its capitalization increase significantly, increasing by more than $ 10 billion in 125 days.
Since May, USDC’s market capitalization has increased by 54%
In recent times, Bitcoin.com News has reported on the growth of tether (USDT) as the market capitalization of USDT is near $70 billion today as the supply increased 1,500% in five years. As a result of this report, our press office reported on the decentralized stablecoin called DAI, which is issued by the Makerdao project. DAI’s market capitalization increased more than 800% in 12 months and today the aggregate total of all the DAI in existence is worth $6 billion.
Now, the second largest stable coin in terms of market capitalization, the USD Coin (USDC), recently rose significantly in just four months to reach $ 30.9 billion. USDC is issued by the Centre Consortium which is led by Circle Financial, and Coinbase is also a Centre Consortium member. As of May 23, 2021, the USDC market valuation was approximately $ 20 billion. Four months later, USDC’s valuation has seen $10 billion added to the project. That’s a 54% increase since May 23, and 30-day statistics show an increase of around 14.1%.
USDC Stablecoin market cap is 1.5% of the entire crypto economy
USDC has been a popular stablecoin for quite some time as people use the asset to hedge against volatility, leverage the asset for decentralized finance (defi) applications, and more. At the time of writing this article, while the crypto-economy is worth $ 1.97 trillion, the USDC accounts for 1.56% of the crypto-economy’s valuation.
On Saturday, USDC commands around $3 billion in global trade volume. While usually the USDC has very little fluctuation because it is pegged to the USD, it can still be $ 0.98 to $ 1.02 per token. On May 8, 2019, USDC exchanged for $1.17 per token as it was 14.6% higher that day.
While tether and USDC are the kings of the stablecoin economy today, many other stablecoin tokens are climbing the ranks. For instance, wault usd (WUSD) increased by 55.2% in 30 days, celo dollar (CUSD) saw a 47.4% increase, and pax dollar’s (USDP) market valuation jumped by 26.4% last month.
