As the entire lot of 12,333 digital currencies hovers just above $1.8 trillion in value, the stablecoin economy has recently swelled to $178.8 billion or 9.9% of the entire crypto economy. Out of the top five stablecoins, usd coin (USDC) saw its market capitalization jump the most, increasing 18.9% during the last 30 days. The 18.9% increase has pushed USDC’s market capitalization above the $50 billion mark.
USDC Market Cap Exceeds $50 Billion, Stablecoin Makes Up 2.83% of Crypto Economy’s USD Value
Stablecoins continue to grow in 2022 as many fiat token projects saw their issuance levels increase in the first month of the year. At the time of writing, the USD value of all stablecoins today is $178.8 billion.
Tether (USDT) is the largest stablecoin project in terms of market capitalization, with a valuation of around $78.5 billion. USDT’s overall valuation represents 4.34% of the entire crypto economy’s $1.8 trillion. Tether, however, saw no growth during the last month as the overall valuation has remained static.
USDC, on the other hand, is up 18.9% in the past 30 days and its market valuation now exceeds $50 billion. USDC’s market capitalization is 2.83% of the USD value of the entire crypto economy.
Both USDT and USDC combined represent 7.17% of the fiat value of all the coins in existence today. While these caps are much smaller than bitcoin’s (BTC) 39.2% dominance and ethereum’s (ETH) 17.7% dominance, they still represent the third and fifth largest crypto valuations.
Stablecoin FRAX is up over 36% in the past month
Meanwhile, out of the top five stablecoins by market cap, the third-largest USD-pegged token, BUSD, saw its capitalization increase by 12.7% to $16.2 billion this month. Terra’s UST stablecoin rose 9.8% to $11.3 billion in 30 days.
Makerdao’s DAI saw its $9.2 billion market capitalization increase by 1.1% this past month. The Avalanche-based magic internet money (MIM) saw its $2.8 billion valuation slide 37.2% lower than it was last month. The seventh, eighth, and ninth-largest stablecoin markets saw their market caps rise.
The seventh-largest US dollar-pegged coin frax (FRAX) has a market capitalization of $2.6 billion, which has increased 36.2% over the past month. The Trueusd (TUSD) cap has climbed 17.7% and the pax dollar (USDP) has risen 3.3% in the past 30 days.
The tenth-largest stablecoin, fei usd (FEI), has decreased by 26.3% this past month. Both FRAX and USDC saw the largest increases last month.
