Stablecoins now command a larger share of the crypto market than ever before. Their slice of the overall pie hasAccording to CoinGecko, the total stablecoin market cap is $154 billion, which works out at 15.2% of the trillion-dollar total cap for all crypto assets.
Tether’s main rival is Circle which has seen its supply increase as circulating USDT has shrunk. There are currently 55.7 billion USDC in circulation, according to the company, giving a market share of 36%. The firm claims that “every digital dollar of USDC is 100% backed by cash and short-dated U.S. treasuries,” which is why users have been switching to it.in May assuring users that its reserves were fully backed and that it is reducing its exposure to commercial paper holdings.
The third-largest stablecoin is Binance USD which has seen its market share surge by 7.5x over the past couple of years. There are currently 17.8 billion BUSD in circulation, giving it a market share of 11.5%. The decentralized DAI stablecoin is in fourth place with 6.4 billion circulating and a share of 4.2%.
The demise of the Terra ecosystem has spurred other copycats, such as Tron’s USDD, but it is still tradingThe latest crypto platform to unveil a new stablecoin is the DeFi lending protocol Aave. On July 7, a proposal wasLike Maker’s DAI, it will be backed by users’ collateral on the platform, which will be put up to mint the stablecoin.
The new offering enters a crowded stablecoin market comprising at least 85 different fiat-pegged tokens.
Here’s why
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