At the end of December 2021, the stablecoin economy’s market valuation was around $168.3 billion and since then, it has increased 9.92% to $185 billion in value. A number of stablecoins have issued more assets during the last seven days, as some of the top dollar-pegged coins have swelled by more than 20% since the past week.
Stable economy continues to grow
As the value of cryptocurrencies has plummeted over the past two weeks and the crypto economy has fallen below the $2 trillion range, stablecoin issuance continues to meet demand. At the time of writing, the entire stablecoin economy is valued at $185 billion and it has grown by 9.92% since December 30, 2021. The current value of all existing stablecoins today represents 10.41% of the $1.77 trillion crypto economy. Additionally, the trade volume that stablecoins see on February 22, 2022 is approximately $62.7 billion, which equates to 61.47% of the current crypto trade volumes globally.
While tether (USDT) is the largest stablecoin, in terms of market capitalization, the $79.6 billion dollar cap only increased by 1.3% this past week. On the other hand, usd coin’s (USDC) market capitalization swelled by 21.6% and BUSD’s cap grew by 27.9%. Terra’s UST has seen issuance increase by 11% and Makerdao’s DAI spiked by 6.1%. The Avalanche-based magic internet money (MIM) saw its market capitalization fall by a whopping 40.6% during the last seven days.
Variety of Stablecoin market caps has shrunk, Tether commands 84% of current Stablecoin trading volume
Besides frax (FRAX), the rest of the major stablecoins under MIM, up to the 12th position, saw their market capitalization drop. FRAX rose 2.6% last week, generating an overall valuation of around $2.66 billion. The largest stablecoin USDT is approaching $80 billion and just recently the second largest stablecoin by market capitalization, USDC crossed the $50 billion mark. Meanwhile, stablecoin asset Binance Smart Chain BUSD is steadily approaching the $20 billion mark at $18.3 billion today.
BUSD and USDC were the third and fourth largest stablecoin gainers this week, but gemini dollar (GUSD) saw an increase of 50.4% this week. Another stablecoin called bean (BEAN) saw its valuation swell by 30.8%. Furthermore, due to this week’s increase, BUSD has entered the top ten crypto assets by market capitalization.
Although there are myriad stablecoins today, statistics indicate that tether (USDT) commands $53.2 billion out of the current $62.7 billion in dollar-pegged token exchanges. This means that out of all the stablecoins in existence today, the massive trading volume of USDT represents 84.84% of the total stablecoin trading on Tuesday.
