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2020 was the year of stablecoins, as the token supply has doubled over the past three months. The aggregate market cap of 28 stablecoins captured over $ 20 billion on October 4, 2020. While tether still dominates the stablecoin ranks, USDC has moved closer to the top ten cryptocurrencies. USDC is also the only stablecoin with a market cap of more than $ 1 billion in addition to tether.
A lot of money has flown into the stablecoin economy this year, and only recently have all existing stablecoin tokens achieved a market valuation of $ 20 billion. This means that all fiat-pegged tokens are worth more than 6% of the combined market cap of $ 328 billion.
The combined stablecoin domain is much larger than most major virtual currency valuations and tether (USDT) captures over 4% of the cumulative total. Just recently, news.Bitcoin.com reported that USDT’s market dominance slipped below 80% for the first time this year.
Tether’s market capitalization today is still a whopping $ 15.58 billion and USDT is capturing more trading volume than bitcoin (BTC). Statistics from Messari.io’s screener show that 24-hour “real volume” for BTC is $ 649,647,952 today, while USDT commands $ 1,641,069,819 in trading volume.
Despite Tether’s dominance, USDC is now the only stablecoin, besides tether (USDT), with a market capitalization of over $ 1 billion ($ 2.6 billion). However, the DAI stablecoin issued by Makerdao has slowly moved towards the $ 1 billion mark, with a current valuation of $ 874 million on Sunday morning (EST).
Circle’s USDC stablecoin currently acquires the 12th largest market capitalization, just below BSV and just above EOS. If the token’s market valuation continues to rise, it will be the second dollar-pegged currency to enter the top ten.
On Sunday, October 4, 2020, USDC data shows that the reported volume is around $ 330 million, but Messari.io’s “true volume” statistics indicate that USDC trades only capture $ 75 million. Similarly, the “real volume” of DAI is about $ 15 million, but the declared volume is about $ 70 million.
Coingecko’s stablecoin index shows that there are more than $ 25 billion in global stablecoin trading volume today, among the 28 stablecoin tokens listed on the website. Interestingly, the statistics show a fiat token that had lost its anchor or is currently considered to be underwater. For example, Nubits (USNBT) should have held the value at $ 1, but is trading for $ 0.23 today.
Piedao USD is also below the dollar, as the token diversifies USD positions between different Ethereum-based USD representations, such as DAI, USDC, TUSD. Additionally, the list of 28 stablecoins today has other international fiat currencies represented besides the USD.
Examples include euro status (EURS), Bitcny (BITCNY), Binance GBP (BGBP), and Binance KRW (BKRW). US dollar-based stablecoins account for 67.86% of all existing fiat-pegged tokens.
There is only one non-USD stablecoin in the top ten stablecoin token list. Status euro (EURS) currently holds the ninth position with $ 505k in 24-hour trading volume and a market capitalization of $ 37 million.
What do you think of the $ 20 billion worth of stablecoins and the doubling of stablecoin supply in the past three months? Let us know what you think about this topic in the comments below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Coingecko,
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