As of September 25, 2021, there’s $129.3 billion worth of stablecoin assets in existence which represents 6.54% of the crypto economy. The second-largest stablecoin by market valuation, USDC, has seen its capitalization increase a great deal, rising more than $10 billion in 125 days.
Since May, USDC’s Market Cap Increased by 54%
In recent times, Bitcoin.com News has reported on the growth of tether (USDT) as the market capitalization of USDT is near $70 billion today as the supply increased 1,500% in five years. Following that report, our newsdesk reported on the decentralized stablecoin called DAI, which is issued by the Makerdao project. DAI’s market capitalization increased more than 800% in 12 months and today the aggregate total of all the DAI in existence is worth $6 billion.
Now the second-largest stablecoin by market capitalization, usd coin (USDC), just recently grew significantly in a mere four months to $30.9 billion. USDC is issued by the Centre Consortium which is led by Circle Financial, and Coinbase is also a Centre Consortium member. On May 23, 2021, the market valuation of USDC was around $20 billion. Four months later, USDC’s valuation has seen $10 billion added to the project. That’s an increase of 54% since May 23, and 30-day stats indicate an increase of around 14.1%.
USDC Stablecoin Market Cap Represents 1.5% of the Entire Crypto Economy
USDC has been a popular stablecoin for quite some time as people use the asset to hedge against volatility, leverage the asset for decentralized finance (defi) applications, and more. At the time of writing, while the crypto economy is worth $1.97 trillion, USDC represents 1.56% of the crypto economy’s valuation.
On Saturday, USDC commands around $3 billion in global trade volume. While usually, USDC has very little fluctuation because it’s pegged to the USD, it can still be $0.98 to $1.02 per token. On May 8, 2019, USDC exchanged for $1.17 per token as it was 14.6% higher that day.
While tether and USDC are the kings of the stablecoin economy today, many other stablecoin tokens are moving up the ladder. For instance, wault usd (WUSD) increased by 55.2% in 30 days, celo dollar (CUSD) saw a 47.4% increase, and pax dollar’s (USDP) market valuation jumped by 26.4% last month.
What do you think about USDC’s 54% increase in valuation during the last four months? Let us know what you think about this subject in the comments section below.