Market

Stablecoin issuance spikes in 2021 – UST up 2,431%

Stablecoins have become a prominent payment method in the crypto world, valued at $177 billion today. The top 10 stablecoins by market cap account for the largest share of value in the fiat-pegged coinage economy, and many of these tokens have grown exponentially over the past year. Terra’s stablecoin UST is growing the fastest in 2021 (5,431%).

Speed Growth of stablecoins in 2021

Currently, stablecoins make up 9.77% of the $1.8 trillion crypto economy, reaching $177 billion. While many digital assets have seen strong growth over the past year, the market valuation of stablecoins has also increased as issuance increased month-on-month.

USDT is the best stablecoin in terms of market cap ($78.3 billion), which accounts for 4.32% of the crypto economy’s total $1.8 trillion. On the other hand, in the $177 billion stablecoin economy, USDT dominates the segment with a 44.24% share.

above The 10 best stablecoins by market capitalization | Source: CoinGecko

On January 2, 2021, USDT had a market cap of around $21.2 billion, and on January 2, 2022, that number increased by 269.81% to $78.4 billion. USDC had a market cap of $4.1 billion as of January 1, 2021 and has grown by 936.58% to $42.5 billion about 12 months later.

The third largest BUSD stablecoin had a market valuation of around $1.07 billion in early 2021 and hit $14.4 billion on the first day of 2022, up 1,245.79 percent.

Terra’s stablecoin UST is up 5,431.22% in 12 months from $182.6 million on January 1, 2021 to $10.1 billion on the same day in 2022. MakerDAO’s DAI has increased by 641.66% from $1.02 billion to $8.9 billion over the same period.

Magic Internet Money (MIM) launched about 4 months ago and has a market cap of around $879 million. MIM grew 422.18% in 4 months to $4.59 billion on January 1, 2022.

Stablecoin FRAX had a market cap of $71 million on January 1, 2021 and hit $1.8 billion 12 months later, a massive 2,435.21% increase over 12 months. The eighth largest stablecoin, TUSD, is up 322.54% over the same period.

The market capitalization of TUSD was US$284 million last year and it reached US$1.2 billion on January 2, 2022. The Pax dollar (USDP) was valued at approximately $346 million on January 1, 2021 and $1 billion 12 months later, an increase of 189.02%.

Finally, the 10th largest FEI stablecoin had no market cap on January 1, 2021, but 9 months ago, on April 4, 2021, it hit $2.3 billion. FEI’s market cap shrank 66.08% to $780 million over the 12-month period.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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