As of September 25, 2021, there’s a $129.3 billion worth of stablecoin assets that represents 6.54% of the crypto economy. The second-largest stablecoin by market valuation, USDC, has seen its capitalization increase an excellent deal, rising over $10 billion in 125 days.
Since May, USDC’s Market Cap Increased by 54%
In recent times, Bitcoin.com News has reported on the expansion of tether (USDT) because the capitalization of USDT is close to $70 billion nowadays because the offer increased 1,500% in 5 years. Following that report, our newsdesk reported on the redistributed stablecoin referred to as DAI, that is issued by the Makerdao project. DAI’s capitalization increased over 800% in 12 months and today the aggregate total of all the DAI in existence is worth $6 billion.
Now the second-largest stablecoin by capitalization, usd coin (USDC), only in the near past grew considerably in an exceedingly mere four months to $30.9 billion. USDC is issued by the Centre syndicate that is semiconductor diode by Circle money, and Coinbase is additionally a Centre syndicate member. On May 23, 2021, the market valuation of USDC was around $20 billion. 4 months later, USDC’s valuation has seen $10 billion addition to the project. That’s a rise of fifty four from May 23, and 30-day stats indicate a rise of around 14.1%.
USDC Stablecoin Market Cap Represents 1.5% of the Entire Crypto Economy
USDC has been a popular stablecoin for quite a while as folks use the asset to hedge against volatility, leverage the asset for decentralized finance (defi) applications, and more. At the time of writing, whereas the crypto economy is worth $1.97 trillion, USDC represents 1.56% of the crypto economy’s valuation.
On Sabbatum, USDC commands around $3 billion in international trade volume. whereas typically, USDC has little or no fluctuation as a result of it’s pegged to the USD, it will still be $0.98 to $1.02 per token. On May 8, 2019, USDC changed for $1.17 per token because it was 14.6% higher that day.
While tether and USDC are the kings of the stablecoin economy today, several alternative stablecoin tokens are moving up the ladder. As an example, wault usd (WUSD) increased by 55.2% in thirty days, celo greenback (CUSD) saw a 47.4% increase, and kiss of peace dollar’s (USDP) market valuation jumped by 26.4% last month.