Around two months ago on April 11, the stablecoin market was valued at $190 billion and was approaching over $200 billion.
However, the fiat-pegged token economy has since lost $16.31 billion in value following the collapse of the Terra stablecoin.
While that value was wiped out from the stablecoin market, it accounted for 9.35% of the net US dollar value of the entire crypto-economy at the time.
After 61 days, the crypto economy is worth about $1.15 trillion and the stable coin economy represents 13.8% of today’s total.
Stablecoin dominance rises from 9% to 13.8% in 61 days
For the first time in history, 36 days ago on May 6, 2022, three stablecoins were the top ten digital currencies in terms of market valuation. At the time, it was Tether (USDT), USD Coin (USDC) and Staircase (UST). But that was before the explosion of UST.
While the ladder is gone, there are still three stablecoins in the top ten today, as Binance USD (BUSD) is the seventh-largest crypto asset as far as market cap is concerned. Two months ago on April 11, the stablecoin economy was valued at $190 billion, but today, the stablecoin market is now valued at $159 billion.
On May 6, just before UST was de-pegged from the $1 parity, Tether, USD Coin and Ladder were the top three stablecoins. Basically, they are in the top ten most significant market cap coins. Today, with the departure of UST, BUSD has entered the top ten standings.
The entire crypto-economy was worth $2.03 trillion that day in April and is worth about $1.15 trillion today. Even though the results of Terra’s UST saw billions leave the stablecoin economy, this is far more impressive than when it was closer to $200 billion.
As of April 11, 2022, a stablecoin market capitalization of $190 billion was equivalent to 9.3% of the entire crypto-economy of $2.03 trillion. Today, at $159 billion, the stablecoin economy now accounts for 13.8% of the total value of $1.15 trillion.
Stablecoins also have a very high trade volume, and at the time of writing, fiat-pegged tokens have seen $46.1 billion in trade volume, while all crypto assets combined have seen $71.6 billion. Data shows that 64.38 out of all digital currency trades today are swapped against stablecoin pairs.
For example, Tether (USDT) accounts for 60.26% of the global trading volume of Bitcoin (BTC), while BUSD commands 10.05%. According to CryptoCompare.com Metrics, USDT and BUSD are the top two trading pairs for BTC at the time of writing.
Tether (USDT) is still the king of stablecoins with a market valuation of $72 billion which represents over 6% of the entire crypto economy. USD Coin (USDC) is the second-largest stablecoin by market cap with a value of $53.7 billion.
USDC dominates over 4% of the crypto economy today and both USDC and USDT account for 76.92% of the total stablecoin dominance of 13.40%. Meanwhile, BUSD represents 1.58% of the entire crypto economy. This leaves a little over 1% of the crypto economy that stems from stablecoins such as DAI, FRAX, TUSD and USDP.
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