The total market capitalization of all stablecoins is $155 billion, according to CoinGecko. Stablecoins account for 16.4% of the $943 billion market capitalization of all cryptocurrencies. Stablecoins currently make about half of the top six cryptocurrencies by market capitalization.
Before withdrawing their holdings as cash from exchanges, traders and investors typically convert their crypto asset positions into stablecoins. Since that exodus has been ongoing for the past six weeks, the market share of stablecoins has increased.
This is true despite the fact that Tether, the biggest cryptocurrency in the world, has seen its supply decline. It is also in spite of the significant gap left by Terra’s UST stablecoin, which was once the third-largest.
The total market capitalization of all stablecoins is $155 billion, according to CoinGecko. Stablecoins account for 16.4% of the $943 billion market capitalization of all cryptocurrencies. Stablecoins currently make about half of the top six cryptocurrencies by market capitalization.
Tether Remains Dominant
According to industry watcher “Byzantine General,” USDT and USDC dominance has never been this strong. Supply has been reduced as a result of significant redemptions from the Tether ecosystem, which they explained as “major players completely quitting the ecosystem.”
USDT and USDC dominance has never been this high before.
USDT mcap even declined because of large redemptions which means big players completely exiting the ecosystem.
Tether remains the leading stablecoin in terms of market share, which is 43%. Its supply has decreased by 19% since its record high of 83 billion USDT in early May. There is currently 67 billion USDT in circulation, according to the firm’s transparency report.
Tether has trimmed around $3 billion over the past seven days as its supply continues to shrink. This leads to a dwindling market share as the same isn’t happening with Circle’s USD Coin.
With 56 billion coins in circulation, USDC has a 36 percent market share. Its circulation levels are also close to all-time highs and it has not seen the same supply reductions as its competitor. Treasury and regulatory worries still hang over Tether. Because it is fully supported and regulated, many people have shifted to USDC.
With a combined market share of slightly under 80%, these two completely rule the stablecoin ecosystem.
With a market share of 11.3 percent and a supply of 17.6 billion coins, Binance USD is the third-largest stablecoin. No new BUSD tokens have been minted or burned over the past four months, keeping the supply steady.
Tether to Launch GBPT
Tether announced the creation of a new stablecoin on June 22. The newly added currency will be known as GBPT and linked to the pound sterling. After USDT, EURT, Chinese Yuan CNHT, and the Mexican Peso pegged MXNT, it will debut in July and become the company’s sixth stablecoin.
