Stablecoin Economy Continues to Soar as USDC Market Cap Surpasses $50 Billion Cryptocurrency

[ad_1]

While all 12,333 digital currencies hover just above $1.8 trillion in value, the stablecoin economy recently ballooned to $178.8 billion, or 9.9% of the entire crypto economy. Among the top five stablecoins, the usd coin (USDC) has seen its market capitalization jump the most, increasing by 18.9% in the last 30 days. The 18.9% increase pushed USDC’s market capitalization above the $50 billion mark.

USDC Market Cap Exceeds $50 Billion, Stablecoin Makes Up 2.83% of Crypto Economy’s USD Value

Stablecoins continue to grow in 2022 as many fiat token projects saw their issuance levels increase in the first month of the year. At the time of writing, the USD value of all stablecoins today is $178.8 billion.

Tether (USDT) is the largest stablecoin project by market capitalization, with a valuation of around $78.5 billion. USDT’s overall valuation is 4.34% of the $1.8 trillion of the entire crypto-economy. Tether, however, saw no growth over the past month as the overall valuation remained static.

USDC, on the other hand, is up 18.9% in the past 30 days and its market valuation now exceeds $50 billion. USDC’s market capitalization is 2.83% of the USD value of the entire crypto economy.

USDT and USDC combined represent 7.17% of the fiat value of all coins in existence today. Although these caps are much smaller than the 39.2% dominance of Bitcoin (BTC) and the 17.7% dominance of Ethereum (ETH), they still represent the third and fifth largest crypto valuations.

Stablecoin FRAX is up over 36% in the past month

Meanwhile, out of the top five stablecoins by market cap, the third-largest USD-pegged token, BUSD, saw its capitalization increase by 12.7% to $16.2 billion this month. Terra’s UST stablecoin surged 9.8% to $11.3 billion in 30 days.

Makerdao’s DAI saw its market capitalization of $9.2 billion increase by 1.1% last month. Avalanche-based magic internet money (MIM) saw its $2.8 billion valuation drop 37.2% from last month. The seventh, eighth, and ninth largest stablecoin markets saw their market capitalization increase.

The seventh-largest US dollar-pegged coin frax (FRAX) has a market capitalization of $2.6 billion, which has increased 36.2% over the past month. The Trueusd (TUSD) cap has climbed 17.7% and the pax dollar (USDP) has risen 3.3% in the past 30 days.

The tenth largest stablecoin, fei usd (FEI), fell 26.3% last month. Both FRAX and USDC posted the biggest gains last month.

Tags in this story Adoptive Forfeiture, Binance BUSD, Bitcoin, BTC, BUSD, crypto-economy, DAI, Dollar-Pegged, ETH, FEI, Fiat-Pegged, FRAX, makerdao, MIM, Pax dollar, Stablecoin Economy, Stablecoins, tusd , USD pegged, USDC, USDP, USDT, UST

What are your thoughts on the rise in the stablecoin economy over the past month and USDC’s rise past $50 billion? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 5,000 articles for Bitcoin.com News about disruptive protocols emerging today.

Image credits: Shutterstock, Pixabay, Wiki Commons, Coingecko.com,

Disclaimer: This article is provided for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More popular newsIn case you missed it

[ad_2]