Stablecoin Economy Continues to Balloon as USDC’s Market Cap Crosses $50 Billion
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 Rises Above $50 Billion, Stablecoin Represents 2.83% of the Crypto Economy’s USD Value
Stablecoins continue to grow in 2022, as numerous fiat-pegged token projects have seen their issuance levels increase during the first month of the year. At the time of writing, the USD value of all the 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, has grown 18.9% over the last 30 days and the market valuation is now over $50 billion. USDC’s market capitalization is 2.83% of the entire crypto economy’s USD value.
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 Grew More Than 36% Last 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 stablecoin UST increased by 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 USD-pegged coin frax (FRAX) has a market capitalization of $2.6 billion which has increased 36.2% during the last month. Trueusd’s (TUSD) cap spiked 17.7%, and pax dollar (USDP) rose by 3.3% over the last 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.