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Market Cap of Stablecoins Has Surpassed $100 Billion USD
The market capitalization of stablecoins has surpassed $100 billion USD, according to market data from CryptoDiffer. As of May 25, stablecoins accounted for more than $86 billion USD in 24hrs trading volume.
Notably, there has been a consistent increase in demand for major stablecoins since the beginning of the year. These coins serve as the base currency for trading in exchange, as well as lending and borrowing on decentralized finance (DeFi) protocols.
Ten Largest Stablecoins by Market Capitalization
Following the information by CryptoDiffer the top ten stablecoins include:
- Tether (USDT)
- USD Coin (USDC)
- Binance USD (BUSD)
- Dai (DAI)
- TerraUSD (UST)
- Paxos Standard (PAX)
- TrueUSD (TUSD)
- Fei Protocol (FEI)
- Neutrino USD (USDN)
- sUSD (SUSD)
USDT, USDC, and BUSD are some the most popular and traded stablecoins in the cryptocurrency market. They have a combined market capitalization of nearly $90 billion USD, which is about 88 percent of the entire stablecoin market valuation. Demand for stablecoins is increasing rapidly.
On Monday, Tether surpassed the $60 billion USD market cap. Demand for USDT has been increasing significantly in accordance with the entire growth of the cryptocurrency market. For reference, USDT had a market cap as low as $8 billion USD in May 2020, resulting in a 581 percent increase year over year when compared to the current record.
Also, the market capitalization of USDC increased from $18 billion to $20 billion USD within two weeks.
The Binance USD stablecoin has over $8 billion market capitalization, and a 24hrs trading volume of over $15 billion USD, according to CoinMarketCap.
Author
Ibiam Wayas
Ibiam is an optimistic crypto journalist. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.
