Stablecoins soared $ 13 billion in 30 days, capturing 67% of today’s crypto trading volume – Bitcoin News
Over the past few weeks, cryptocurrency markets have depreciated as most of these assets hit all-time highs three months ago. Despite the price drops, 2021 was still an explosive year for crypto profits and fiat-linked stablecoins also grew massively. 53 days ago, the total capitalization of fiat stablecoins passed the $ 100 billion mark, and the market valuation of stablecoins continues to grow, up 13% since late May.
Stablecoin Market Valuation Up 13% In 30 Days, Tether Issuing Slows Down
Stablecoins have made a name for themselves in the crypto economy over the past five years as these fiat-linked tokens have grown immensely during this time. While the digital currency markets have depreciated, the use of stablecoins has remained frothy and the market capitalization of all existing stablecoins is now $ 113 billion.
Of course, Tether (USDT) is the largest stablecoin in terms of market valuation and the number of transactions the stablecoin network processes on a daily basis. At the time of writing, Tether’s market cap (USDT) is $ 62 billion and the total valuation of USDT is 4.94% of the total market valuation of all existing crypto coins.
Coingecko statistics show that Tether was managing $ 43.5 billion in global swaps on Friday, but messari.io’s data shows the “real volume” is around $ 12.51 billion. Either way you look at it, Tether has more volume than BTC and ETH markets combined.
Additionally, most of the BTC and ETH trades are swapped for Tether (USDT) as BTC statistics show USDT captures 62.48% of today’s share of the trades. The stablecoin BUSD issued by Binance captures 4.61% of Bitcoin (BTC) swaps and is just below the US dollar as the third largest trading pair of BTC, according to data from cryptocompare.com.
Tether grew exponentially from July 2020 to June 2021 when Tether spending slowed to $ 61.7 billion. In early June, the usd coin (USDC) rose from $ 22 billion to its market capitalization of $ 26.5 billion in mid-July.
6 stablecoins posted double- and triple-digit growth last month
In early June, the valuation of the Binance stablecoin BUSD rose from $ 8.72 billion to $ 11.25 billion. In fact, most of the last 30 days of stablecoin growth can be traced back to non-tether stablecoins such as USDC, BUSD, DAI, PAX, TUSD, HUSD, GUSD, and LUSD.
Of all known fiat-linked tokens, GUSD posted the largest 30-day growth with a growth of 56.7%, and the synthetix.io stablecoin SUSD recorded growth of 37.7% last month.
The BUSD grew 18.9% in double digits in 30 days and the USD-Coin (USDC) rose 10.7% in that period. Three relatively unknown stablecoins saw very large increases in supply. The stablecoin-defin dollar (DUSD) rose 257.5% last month, followed by the empty set dollar (ESD), which rose 129%, and the Frax (FRAX), which rose over 98%.
Statistics from Coingecko show that the dozen of stablecoins in existence today combined claimed $ 49.5 billion of the $ 82.9 billion in crypto trades worldwide on Friday.
What do you think of the stablecoin growth over the past 30 days? Let us know what you think on this matter in the comments below.
Photo credits: Shutterstock, Pixabay, Wiki Commons, Coingecko, Cryptocompare.com,
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
source https://bidsfor.me/stablecoins-soared-13-billion-in-30-days-capturing-67-of-todays-crypto-trading-volume-bitcoin-news/
Comments
Post a Comment