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- The supply of stablecoins has doubled in the past three months
- Tether’s market capitalization has increased by 12.1%, whereas its 24-hours trading volume stood at $25,97,70,49,711, in the last 30 days
- The currency, which managed to stay at third position is DAI
Stablecoins global market has led the recent crypto volatility. A recent data from CoinGecko revealed that the market capitalization of stablecoins stood at $20,72,71,63,727. And the trading volume of 24-hours stood at $27,48,83,02,881. It has a circulating supply of 16 Billion tokens and a max supply of 10.2 Billion tokens.
According to Bitcoin.com, the supply of stablecoins has doubled in the past three months. Other than Tether, USDC is the only stablecoin with a market capitalization greater than $1 billion and is getting closer towards the top 10 crypto coins. This growing interest in stablecoins has increased the volatility of many digital assets. It is also observed that in the $328 billion of crypto market capitalization, stablecoins are worth more than 6%.
Detailed report of Top 3 stablecoin
According to CoinGecko metrics, tether (USDT) is on the top of the list with a market capitalization of $15,60,55,10,007. Tether’s market capitalization has increased by 12.1%, whereas its 24-hours trading volume stood at $25,97,70,49,711, in the last 30 days. It is observed that not only among the stablecoins but in the overall cryptocurrencies market, Tether is performing well. According to figures provided by CoinGecko, among the top 100 cryptocurrencies, Tether (USDT) has placed itself at third position.
In the list of stablecoins, it is found that USDC has managed to be on the second position, with a market capitalization of $2,64,99,57,944, and 24-hours trading volume of $37,92,74,360, though it is listed by only 153 exchanges. It is observed by its past 30 days data, that its market capitalization has increased by 59.9% approximately.
The currency, which managed to stay at third position is DAI, with a market capitalization of $869,236,749 and a 24-hours trading volume of $72,923,759. According to the record of CoinGecko DAI is at 27th position among top 100 cryptocurrencies. It is also a notable issue that among the top 10 stablecoins, there is only one non-USD stablecoin that exists, that is EURS holding the 9th position in the list.
An indication from the report
We can conclude that the success of the stablecoin industry, indicates the crypto markets relation with the fiat currencies. In coming years, more governments will introduce cryptocurrencies, managed by their central bank, to make the whole industry digital. Which will also be a good sign for stablecoins, as with increasing demand the industry can boost up, as these coins have low volatility in relation to other digital currencies.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
