2020 has been the year of stablecoins, as the token supply has doubled in the last three months. The aggregate market capitalization of 28 stablecoins captures over $20 billion on October 4, 2020. While tether still dominates the stablecoin ranks, USDC has been moving closer toward the top ten crypto coins. USDC is also the only stablecoin with market capitalization greater than $1 billion other than tether.
This year quite a bit of money has flown into the stablecoin economy and just recently all the stablecoin tokens in existence captured a $20 billion market valuation. This means all the fiat-pegged tokens are worth more than 6% of the aggregate $328 billion market capitalization.
The combined stablecoin dominance is much larger than most of the top virtual currency valuations and tether (USDT) captures over 4% of the cumulative total. Just recently, news.Bitcoin.com reported on how USDT’s market dominance has slid below 80% for the first time this year.The stablecoin supply has doubled in the last three months and the market capitalization is over $20 billion on Sunday, October 4, 2020.
Tether’s market cap today is still a whopping $15.58 billion and USDT is capturing more trade volume than bitcoin (BTC). Statistics from Messari.io’s screener shows the 24-hour “real volume” for BTC is $649,647,952 today, while USDT commands $1,641,069,819 in trade volume.
Despite Tether’s dominance, USDC is now the only stablecoin, besides tether (USDT), with over a billion-dollar ($2.6B) market cap. However, Makerdao’s issued DAI stablecoin has been slowly inching toward the $1 billion mark, with a current valuation of $874 million on Sunday morning (EST).
Circle’s USDC stablecoin currently captures the 12th largest market cap, right below BSV and just above EOS. If the token’s market valuation continues to grow, it will be the second dollar-pegged coin to make ...