Stablecoin economy soars 3.5% to $ 167 billion in 17 days, 60% of trading volume

There are a large number of stablecoins on the market today that are pegged to the value of fiat currencies such as US dollars, euros and Swiss francs. The most popular currency among them is the US dollar.

Currently, the total value of all stablecoins is $ 167 billion, up 3.59% from December 8th (17 days). Among them, Tether (USDT) dominates the stablecoin market with $ 77.9 billion spread across various blockchains.

Top 10 stablecoins by market capitalization. Source: Coinecko

USDT’s market cap currently accounts for 46.52% of the total stablecoin economy, followed by USD Coins (USDC) at $ 42.4 billion. While USDT was up 5.7% last month, USDC was up 14%.

The third, fourth, and fifth largest stablecoin market caps are owned by BUSD with $ 14.8 billion.

MIM, FRAX and FEI also recorded a significant increase from 15.6% to 42.4% last month. Origin Dollar (OUSD) and SUSD rose 102% and 38.7%, respectively.

Stablecoins make up 60% of daily transactions

In the past 24 hours, the stablecoin trading volume reached $ 55.4 billion, which is 60.15% of the total trading volume of $ 92.1 billion in the market. For example, the leading cryptocurrency by capitalization, Bitcoin, has done around 59.68% of swaps against USDT. In second place, Ether uses 51.45% of the USDT swaps.

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