Stablecoins have become prominent payment rails in the world of cryptocurrencies commanding $177 billion in fiat value today. The top ten stablecoins by market capitalization represent the largest share of the value in the fiat-pegged coin economy and many of these tokens grew exponentially last year. Terra’s UST stablecoin grew the most last year, jumping 5,431% in 2021.
A Deep Dive Into Stablecoin Growth During the Course of 2021
Stablecoins today represent 9.77% of the $1.8 trillion crypto-economy today which is $177 billion in USD value. While many digital assets surged in growth last year, stablecoins also saw their market valuations swell as issuance grew month after month.
Tether (USDT) is the top stablecoin, in terms of market capitalization with $78.3 billion. USDT alone represents 4.32% of the entire crypto economy’s $1.8 trillion and amid the $177 billion stablecoin economy, USDT towers over the pack by 44.24%.
On January 2, 2021, tether (USDT) had a market cap of around $21.2 billion and by January 2, 2022, this grew by 269.81% to $78.4 billion. Usd coin (USDC) once had a market cap of $4.1 billion on January 1, 2021, and approximately 12 months later it grew 936.58% to $42.5 billion.
The third-largest stablecoin binance usd (BUSD) had a market valuation of around $1.07 billion on the first of the year in 2021, and on the first day of 2022, it was $14.4 billion seeing a 1,245.79% increase.
Terra’s UST stablecoin grew by 5,431.22% in 12 months from $182.6 million on January 1, 2021, to $10.1 billion on the same day in 2022. Makerdao’s DAI grew by 641.66% from $1.2 billion on January 1, 2021, to $8.9 billion by January 1, 2022.
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