Roughly two months ago on April 11, the stablecoin economy was valued at $190 billion and was getting closer to surpassing $200 billion in value. However, after the Terra stablecoin fallout, the fiat-pegged token economy lost $16.31 billion in value since then. While that value was erased from the stablecoin market, stablecoins themselves represented 9.35% of the entire crypto economy’s net U.S. dollar value at the time. 61 days later, the crypto economy is worth roughly $1.15 trillion and the stablecoin economy represents 13.8% of that total today.
On that day in April, the entire crypto economy was valued at $2.03 trillion and today it’s worth roughly $1.15 trillion. Even though Terra’s UST fallout saw billions leave the stablecoin economy, it dominates by a lot more than it did when it was nearing $200 billion.
Stablecoins account for whole lot of trade volume as well, and at the time of writing, fiat-pegged tokens have seen $46.1 billion in trade volume, while all the crypto assets combined saw $71.6 billion. The data shows that 64.38% of all the digital currency trades today are swapped against stablecoin pairs.
For instance, tether (USDT) trades account for 60.26% of bitcoin’s (BTC) global trade volume while BUSD commands 10.05%. USDT and BUSD are BTC’s top two trading pairs at the time of writing, according to cryptocompare.com metrics.
Tether (USDT) is still the king of stablecoins with an $72 billion market valuation that represents more than 6% of the entire crypto economy. Usd coin (USDC) is the second-largest stablecoin by market cap with $53.7 billion in value.
USDC dominates today by more than 4% of the crypto economy and combined both USDC and USDT make up 76.92% of the entire stablecoin dominance of 13.40%. BUSD meanwhile, represents 1.58% of the entire crypto economy. That leaves a little more than 1% of the crypto economy that stem from stablecoins like DAI, FRAX, TUSD, and USDP.
What do you think about the stablecoin economy representing 13.8% of the entire crypto economy? Let us know what you think about this subject in the comments section below.
