With the total supply of 12,333 digital currencies worth just over $1.8 trillion, the stablecoin economy has recently grown to $178.8 billion, or 9.9% of the total crypto economy. Out of the top five stablecoins, USD Coin (USDC) saw the biggest jump in its market cap, rising 18.9% in the last 30 days. The 18.9% increase pushed USDC’s market cap above the $50 billion mark. USDC Market Cap Surges Above $50 Billion, Stablecoin Accounts for 2.83% of Crypto Economy's USD Value Stablecoins continue to grow in 2022 as numerous fiat-pegged token projects launch in the first month...
With the total supply of 12,333 digital currencies worth just over $1.8 trillion, the stablecoin economy has recently grown to $178.8 billion, or 9.9% of the total crypto economy. Out of the top five stablecoins, USD Coin (USDC) saw the biggest jump in its market cap, rising 18.9% in the last 30 days. The 18.9% increase pushed USDC’s market cap above the $50 billion mark.
Stablecoins continue to grow in 2022 as numerous fiat-pegged token projects saw their issuance volumes 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 The total valuation represents 4.34% of the entire crypto economy of $1.8 trillion. However, Tether has not seen any growth over the past month as its overall valuation has remained flat.
USDC, on the other hand, has grown by 18.9% in the last 30 days and the market valuation is now over $50 billion. The market cap of USDC is 2.83% of the total USD value of the crypto economy.
Both USDT and USDC together account for 7.17% of the fiat value of all coins in existence today. Although these caps are much smaller than Bitcoin's ( Bitcoin ) 39.2% dominance and Ethereums ( ETH ) 17.7% dominance, they still represent the third and fifth largest crypto valuations.
Among the top five stablecoins by market capitalization, the third largest USD-pegged token, BUSD, saw a 12.7% increase in capitalization to $16.2 billion this month. Terra's stablecoin UST rose 9.8% in 30 days to $11.3 billion.
Makerdao's DAI saw its market capitalization increase by 1.1% to $9.2 billion last month. Avalanche-based Magic Internet Money (MIM) saw its value drop by $2.8 billion, down 37.2% month-on-month. The market capitalizations of the seventh, eighth and ninth largest stablecoin markets increased.
The seventh-largest USD-pegged coin frax (FRAX) has a market cap of $2.6 billion, up 36.2% in the last month. Trueusd (TUSD) cap rose 17.7% and Pax dollar (USDP) rose 3.3% in the last 30 days.
The 10th largest stablecoin, Fei USD (FEI), has fallen 26.3% over the past month. Both FRAX and USDC recorded the biggest increases last month.
What do you think about the surge in the stablecoin economy last month and the rise of USDC to over $50 billion? Let us know your thoughts on this topic in the comments section below.
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