{"id":13540,"date":"2021-10-24T15:54:26","date_gmt":"2021-10-24T15:54:26","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/5-dollar-pegged-tokens-command-94-of-the-swelling-135-billion-stablecoin-market-cap\/"},"modified":"2021-10-24T15:54:26","modified_gmt":"2021-10-24T15:54:26","slug":"5-dollar-pegged-tokens-command-94-of-the-swelling-135-billion-stablecoin-market-cap","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/5-dollar-pegged-tokens-command-94-of-the-swelling-135-billion-stablecoin-market-cap\/","title":{"rendered":"5 Dollar-Pegged Tokens Command 94% of the Swelling $135 Billion Stablecoin Market Cap"},"content":{"rendered":"

During the last month, four out of five of the top stablecoins by market capitalization saw their valuations swell in size. At the time of writing, there\u2019s $135.4 billion in stablecoins but the top five collectively represent 94.40% of that total. While the largest stablecoin in terms of market cap increased by 2% over the last 30 days, the stablecoin DAI issued by the Makerdao protocol expanded by 22%.<\/strong><\/p>\n

Tether and Circle\u2019s USD Coin Rule the Roost<\/h2>\n

Stablecoins are very popular these days and it\u2019s safe to say that these dollar-pegged tokens are not going anywhere any time soon. For instance, at the time of writing, there\u2019s around $29.2 billion in global trade volume dedicated to bitcoin (BTC<\/a>) trades only.<\/p>\n

Currently, the stablecoin tether (USDT<\/a>) commands 61.46% of all the BTC<\/a> trades according to cryptocompare.com data<\/a>. Below the U.S. dollar is the stablecoin BUSD, a stablecoin curated on the Binance Smart Chain as BUSD commands 5.29% of all BTC<\/a> trades today.<\/p>\n

BUSD is, in fact, the only stablecoin in the top five that did not see its market cap inflate. The largest stablecoin market cap today is tether (USDT<\/a>) which commands a valuation of $71 billion at the time of writing, according to market aggregation sites like Coingecko\u2019s \u201cTop Stablecoins by Market Cap<\/a>.\u201d<\/p>\n

Tether\u2019s transparency web page<\/a> that shows Tether\u2019s<\/a> current balances says there\u2019s approximately $70,578,488,377 worth of USDT<\/a>. With close to a $71 billion increase, USDT<\/a> has grown by 2% during the trailing 30 days.<\/p>\n

The second-largest stablecoin issued by Circle<\/a> and the Centre Consortium<\/a>, usd coin (USDC), has swelled by 8.9% this month. Presently, USDC has a market valuation of around $32.8 billion which is around 46.19% or close to half the size of USDT<\/a>\u2019s market cap.<\/p>\n

Tether\u2019s global trade volume is much higher than USDC\u2019s at $52,791,455,644 while USDC\u2019s is around $1,936,810,797. USDC is paired with USDT<\/a> and BUSD and according to cryptocompare.com data,<\/a> they are the top two trading pairs with USDC.<\/p>\n

The 3rd, 4th, 5th Stablecoin Contenders<\/h2>\n

While the stablecoin that stems from the <\/span>Binance Smart Chain (BSC)<\/span><\/a> ecosystem, busd (BUSD) is the third-largest cap, it has not increased during the last month. BUSD holds a valuation of about $12.9 billion at the time of writing and $3.4 billion in global trade <\/span>volume. BUSD is swapped on 98 different exchanges according to today\u2019s data and it\u2019s ranked 18th out of 9,957 crypto assets.<\/p>\n

The algorithmic decentralized finance (defi) stablecoin issued by the Makerdao project,<\/a> dai (DAI), has seen the most growth this past month gaining 22.7%. While the third-largest stablecoin BUSD has a market cap of around $12.9 billion, DAI\u2019s market cap is $7.4 billion today.<\/p>\n

DAI\u2019s volume, however, is much smaller than its competitors with only $438,185,462 in global swaps. DAI\u2019s largest pair today is USD with 53.35% of all trades and WETH with 28.68% of swaps. Tether is traded with DAI and commands 7.24% of all DAI\u2019s volume.<\/p>\n

The fifth-largest stablecoin market terrausd (UST) expanded 4.8% this past month in terms of market capitalization. UST is a stablecoin that is part of the Terra protocol<\/a> and it has an overall valuation of around $2.7 billion today. UST has around $66.6 million in global trade volume as well and is ranked 62 out of 9,957 crypto assets.<\/p>\n

60.38% of UST trades are currently swapped for the U.S. dollar while tether (USDT<\/a>) commands 36% of UST swaps. While all five of these stablecoins collectively represent 94.40% ($126.88) of the $135 billion in stablecoin value, USDT<\/a>, USDC, DAI, and UST grew by 38.4%.<\/p>\n

What do you think about the growth of stablecoins and the top five leading dollar-pegged tokens in the crypto market today? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nAltcoins, $126.88 billion, $135 billion, BUSD, Centre Consortium, Circle, crypto assets, Cryptocurrencies, DAI, dollar-pegged tokens, makerdao, Stablecoin, stablecoin value, Stablecoins, terra (LUNA), Terra Network, TerraUSD, Tether, trade volume, US Dollar, USD, usd coin, USDC, USDT, UST<\/p>\n","protected":false},"excerpt":{"rendered":"

During the last month, four out of five of the top stablecoins by market capitalization saw their valuations swell in size. At the time of writing, there\u2019s $135.4 billion in stablecoins but the top five collectively represent 94.40% of that total. While the largest stablecoin in terms of market cap increased by 2% over the…<\/p>\n","protected":false},"author":0,"featured_media":13541,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-13540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13540"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=13540"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13540\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/13541"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=13540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=13540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=13540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}