Expanding Crypto Market Caps by 500% to 1,300%: Stablecoin Issuance Saw Significant Growth Last Year

Stablecoin

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. Data indicates that over the last 12 months, a slew of stablecoin valuations grew exponentially.

12 Month Statistics Show Stablecoin Market Valuations Have Seen Massive Growth

Over the past year, many crypto assets hit record high prices (ATH) as current data highlights significant growth in the crypto economy in 2021. Additionally, fiat-pegged tokens, commonly referred to as stablecoins, have also experienced massive growth as centralized and decentralized custodians. protocols have issued billions of tokens since last year.

For instance, on January 11, 2021, tether’s (USDT) market cap was $24.4 billion and it has grown 221.31% since last year. Usd coin (USDC), the second-largest stablecoin asset in terms of market valuation, had a market cap of $4.4 billion on the same day last year. Today, USDC’s market cap is $43.9 billion, which is an increase of 897.72%.

Binance issued stablecoin (BUSD) only had a market cap of $ 1 billion a year ago and now it is $ 14 billion, increasing 1,300% last year. Terra’s UST stablecoin had a market valuation of $ 138 million on January 11, 2021, and today the market cap is $ 10.5 billion.

Over the Last Year, Fiat-Pegged Token Market Caps Jumped Higher Than Most Crypto Gains

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 issuing in September 2021 with $ 5.4 million and today MIM’s market cap is $ 4.6 billion. Additionally, stablecoin frax (FRAX) currently has a market cap of $ 2 billion, but last year it was only $ 92 million.

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.

Currently, stablecoins represent 8.24% of the entire crypto-economy, worth just over $ 2 trillion today. Stablecoin’s global trade volume over the past 24 hours was approximately $ 72.6 billion, or 61.94% of the current volume of $ 117.2 billion across the crypto economy.

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