The combined stablecoin market recently topped a valuation figure of $20 billion. Apparently, this was the total market value of all cryptocurrencies in the pre-bull run month of February 2017. Also, stablecoins together are contributing to $26 billion worth of trading volume.
The Crypto Stablecoin Market Is Booming
As per the latest statistics, the total market cap of all stablecoins in circulation has topped $20 billion. This, as per crypto Twitter commentator, Dan Romero, was the value of the entire cryptocurrency market cap in February 2017.
At $20B, the market cap of stablecoins is now greater than the combined market cap of all cryptocurrencies in February 2017. pic.twitter.com/DRa1tVBYFf
— Dan Romero (@dwr) October 3, 2020
With a market cap of $15.6 billion, Tether (USDT) is still the dominant crypto stablecoin. It is followed by USDC that clocks $2.6 billion on the market cap meter. The wide valuation gap between the two shows just how much more popular USDT is. So much more that, it is the third-ranked cryptocurrency on the leaderboards.
DAI is gradually inching towards the $1 billion market cap mark, with Binance USD (BUSD) doing almost $600 million.
USD Stablecoins Rule The Roost
CoinGecko’s stablecoin data also shows that USD based fiat collateralized cryptocurrencies constitute the majority. Amongst 28 odd stablecoins, US Dollar pegged coins are 18 in number namely, USDT, USDC, BUSD, True USD (TUSD), Paxos Standard, HUSD, sUSD, mStable USD, USDK, Gemini Dollar (GUSD), EOSDT, Reserve, Stably Dollar (USDS),