Almost two months ago, on April 11, the stablecoin economy was worth $190 billion and was close to surpassing $200 billion in value. However, after the fallout of the Terra stablecoin fallout, the fiat peg token economy has since lost $16.31 billion in value. That value disappeared from the stablecoin market, but the stablecoin itself represented 9.35% of the net U.S. dollar value of the entire crypto economy at the time. 61 days later, the crypto economy was worth roughly $1.15 trillion, and today the stablecoin economy represents 13.8% of that.
In 61 days, stablecoin’s dominance has swelled from 9% to 13.8%
36 days ago, on May 6, 2022, for the first time in history, three stablecoins made the top 10 digital currencies by market valuation. At the time it was tether (USDT), usd coin (USDC), and terrausd (UST), but before the collapse of UST.
terrausd is gone, but there are still three stablecoins in the top 10 today, as binance usd (BUSD) is the seventh largest crypto asset as far as market cap is concerned. two months ago, on April 11, the stablecoin economy was valued at $190 billion but today, the stablecoin market is currently valued at $159 billion.
On that day in April, the entire crypto economy was valued at $2.30 trillion and is worth roughly $1.15 trillion today, much more dominant than it was when Terra’s UST fallout took billions off the stablecoin economy, but nearly $200 billion It is.
Stablecoins are also heavily traded, with fiat peg tokens trading at $46.1 billion at the time of this writing, and all crypto assets combined at $71.6 billion. Data shows that 64.38% of all digital currency transactions today are swapped against stablecoin pairs.
For example, the data shows that Tether (USDT) trades account for 60.26% of the global trading volume of Bitcoin (BTC), while BUSD is 10.05%. USDT and BUSD are the top two trading pairs for BTC‘s at the time of this writing, according to the cryptocompare.com index.
Tether (USDT) remains the king of stablecoins with a market valuation of $72 billion, representing over 6% of the total crypto economy. usd coin (USDC) is the second largest stablecoin with a market cap of $53.7 billion. with a market cap of $53.7 billion.
USDC today dominates more than 4% of the crypto economy, and both USDC andtogether account for 76%; USDTaccounts for 76.92% of the total stablecoin dominance at 13.40%. BUSD, on the other hand, represents 1.58% of the total crypto economy, leaving just over 1% of the crypto economy derived from stablecoins such as DAI, FRAX, TUSD, and USDP.
Image credits: Shutterstock, Pixabay, Wiki Commons