Stablecoin Economy Grows Nearly 10% In 54 Days, USDT Volume Accounts For 84%
As the crypto market continues its downtrend, the total market cap loses the $2 trillion mark, but stablecoin issuance continues to grow in response to investor demand.
At the time of writing, the stablecoin economy is currently worth $181.6 billion, up 9.92% since December 30, 2021. It makes up 10.41% of the $1.724 trillion crypto economy – Dollars out. Additionally, trading volume is currently around $66.6 billion, or 61.47% of the total market trading volume.
Despite being the largest stablecoin by cap at $79.3 billion, Tether (USDT) is up just 1.3% over the past week.
Meanwhile, USD Coin (USDC) is the second most stable coin in terms of cap, up 21.6%, BUSD +27.9%, Terra’s UST +11% and Makerdao’s DAI +6.1%. However, Avalanche’s Magic Internet Money (MIM) market cap fell as much as 40.6% this week.
USDT accounts for 84% of stablecoin trading volume
Frax (FRAX) is up 2.6% over the past week with a market cap of $2.65 billion. USDT, is approaching $80 billion in capitalization, and just recently, the second-largest stablecoin, USDC, surged above $52 billion, while BUSD is slowly approaching $20 billion ( currently $18.4 billion) to break into the top 10 crypto assets by market cap.
Despite the impressive numbers, BUSD and USDC are only the third and fourth biggest gainers in terms of capitalization this week. Gemini Dollar (GUSD) saw the largest growth at 50.4%, followed by Bean (BEAN) at 30.8%.
Countless stablecoins are currently being issued, but statistics show USDT trading volume up to $53.2 billion, which is 84.84% of the current $62.7 billion.
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