- During previous 12 months, stablecoins are leaping higher and have grown hugely and present valuation today is just a few steps away from marking $200 Billion.
- This month, 2 of the most significant gainers in respect to 30-day issuance involves Terra UST leaping 29.9% and USDN surging 43.8%.
- While USDC and USDT did not witness any escalations over previous month, USDN, UST, and FRAX saw their 30-day issuance increase.
Inflating Stablecoin Market Cap
Monthly metrics show that, biggest stablecoin in respect to market cap, Tether (USDT), escalated by 2% this month as its net valuation surpassed $80 Billion milestones.
USDT is a mammoth in contrast to other persisting stablecoins in cryptocurrency sector, and its valuation shows 42.78% of $187 Billion stablecoin economy currently.
Additionally, Tether’s $80 market cap equals to 4.46% of whole $1.83 Trillion cryptocurrency economy. 2nd biggest stablecoin mammoth in respect to market cap, USDC, only escalated minorly by 0.3% in previous month.
USDC have a market valuation of roundabout $52.3 Billion as of now, which equals to 2.92% of cryptocurrency economy and 27.96% of stablecoin economy. Stats points out that between USDT and USDC, market caps integrated equates to over 70% of whole stablecoin economy.
Prime assets exchanging hands with USDT in Dollar with 42.16% of current day’s stock and TRY with 17.41% of tether trades. Turkish Lira is followed by HUSD, WBNB, and euro. USDC trades at a higher rate with tether as it represents 64.18% of yesterday’s tether swaps. WETH, EUR, USD, and BUSD all follow USDT as top pairs trading with USDC.
Stablecoins Hold 10% Sway Over Crypto Sector
While USDC and USDT did not witness any remarkable rise over previous month, USDN, UST, and FRAX witnessed their 30-day issuance rate increase. Terra UST escalated by 29.8%, and today, stablecoin market have a market capitalization of $14.7 Billion as this article was being written.
Frax (FRAX) witnessed its 30-day rate of issuance leap by 9.6%, and USDN escalated by 43.8% during previous month. Frax has a market valuation of $2.9 Billion, and USDN have a market cap of $639.2 Million currently.
DAI, MakerDAO’s stablecoin, witnessed issuance levels drop during previous month, down by 4.6%, and MIM, witnessed a loss of 0.2% during previous month. DAI, based on Ethereum, have a market cap of $9.8 Billion, and MIM holds a market cap of $1.9 Billion.
As of this writing, entire stablecoin market had a market cap of $184.4 Billion, and was just a few steps behind until it touches or crosses $200 Billion mark.
This growth appears to be prominent, and shows how folks are showing their interest in coins pegged with fiat money. It is uncertain when it will hit $200 Billion mark, but if growth remains consistent, we may see such a milestone attained by stablecoin market soon.
Disclaimer
All the information in this article is for informational purposes only, readers are required to do their own research before making any investments in market.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/03/15/skyrocketing-stablecoin-economy-close-to-200b-usdn-ust-put-a-booster/