Stablecoin Economy Nears $200B, UST Supply Jumps Higher, USDN Spikes 43% in 30 Days – Altcoins Bitcoin News
During the last 12 months the stablecoin economy has grown massive and the current valuation today is only $13 billion away from tapping the $200 billion mark. This month, the two biggest gainers in terms of 30-day issuance include Terra’s UST jumping 29.9% and Neutrino Protocol’s USDN spiking 43.8%.
Stablecoin Market Capitalization Continues to Swell, Tether Crosses $80 Billion
Monthly statistics show the largest stablecoin in terms of market capitalization, tether (USDT), increased by 2% this month as the valuation crossed the $80 billion mark. USDT is massive compared to the rest of the stablecoins in the crypto economy as its valuation represents 42.78% of the $187 billion stablecoin economy today.
Furthermore, tether’s $80 billion market capitalization equates to 4.46% of the entire $1.83 trillion crypto economy. The second-largest stablecoin in terms of market capitalization, usd coin (USDC) only increased by 0.3% this past month.
USDC has a market valuation of around $52.3 billion today which equates to 2.92% of the crypto economy and 27.96% of the stablecoin economy. Metrics on March 14, 2022, indicate that between USDC and USDT, the market capitalizations combined equate to more than 70% of the entire stablecoin economy.
The top assets exchanging hands with tether (USDT) is the U.S. dollar with 42.16% of today’s share and the Turkisk lira (TRY) with 17.41% of tether trades. TRY is followed by the euro, WBNB, and HUSD. USDC trades a lot with tether as USDT represents 64.18% of Monday’s tether swaps. BUSD, USD, EUR, and WETH all follow tether as the top pairs trading with usd coin (USDC).
USDN, UST, and FRAX Record 30-Day Issuance Rises, Stablecoins Command 10% of the Entire Crypto Economy’s Net Value
While USDT and USDC did not see any significant increases over the last month, UST, FRAX, and USDN saw their 30-day issuance rate rise. Terra’s UST increased by 29.8% and today, the stablecoin has a market capitalization of around $14.7 billion at the time of writing.
Frax (FRAX), saw its 30-day issuance rate jump by 9.6% and Neutrino Protocol’s USDN rose by 43.8% during the last month. FRAX has a $2.9 billion market valuation and USDN commands a $638 million market capitalization today.
Makerdao’s stablecoin DAI, saw issuance levels dip during the last month down 4.6% and magic internet money (MIM) saw a loss of 0.2% this past month. The Ethereum-based DAI has a $9.3 billion market valuation, while the Avalanche-based MIM has a $2.7 billion market capitalization.
Overall, the entire stablecoin economy only has $13 billion more to rise before crossing the $200 billion zone. At the time of writing, the $187 billion stablecoin economy represents over 10% of the $1.83 trillion crypto economy.
What do you think about the stablecoin economy’s continued growth? Let us know what you think about this subject in the comments section below.
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