2020 has been the year of stablecoins, as the token supply has doubled in the last three months. The aggregate market capitalization of 28 stablecoins captures over $20 billion on October 4, 2020. While tether still dominates the stablecoin ranks, USDC has been moving closer toward the top ten crypto coins. USDC is also the only stablecoin with market capitalization greater than $1 billion other than tether.
This year quite a bit of money has flown into the stablecoin economy and just recently all the stablecoin tokens in existence captured a $20 billion market valuation. This means all the fiat-pegged tokens are worth more than 6% of the aggregate $328 billion market capitalization.
The combined stablecoin dominance is much larger than most of the top virtual currency valuations and tether (USDT) captures over 4% of the cumulative total. Just recently, news.Bitcoin.com reported on how USDT’s market dominance has slid below 80% for the first time this year.