The market valuation of all the stablecoin tokens reached a whopping 20 Billion mark, notably, the total of all the cryptocurrencies around February 2017 was the same. it was the sum of all the cryptocurrencies’ market value together three years back during the pre-bull run month. Now the stablecoin cumulative trading value is 26 Billion USD.
Rising StableCoin Market
The latest figures show that the market cap of the StableCoin across the markets is over 20 billion, which is a thriving number. A notable crypto enthusiast took to his Twitter account to talk about the same.
USDT (Tether) reigning the markets
Tether is the leading stable coin with a market cap of 15.6 Billion USD and USDC, which follows at 2.6 Billion USD. The extreme gap within the two highest shows the popularity of the USDT coin. DAI and Binance tokens are also catching up with the markets with a cap of 1 Billion USD and 600 Million USD, respectively.
As observed by CoinGecko , the USD based fiat collateral cryptocurrencies for the majority among the 28 StableCoin. The American Dollar s-based currencies constitute approximately 65 percent of the crypto coins market; however, some of the USD based StableCoin have not been able to catch up. On the other hand, cryptocurrencies based on different currencies have maintained good circulation. EBASE< Status Euro and Binance GBP, to name a few.
Eastern Asia’s increased inclination towards DeFi
The staggering increase in the use of StableCoin in 2020 can be attributed to the increased interest of crypto users in the DeFi platforms, especially in East Asia. The Chainalysis report also points to the same that there is a yield farming craze in the world contributed by stable coins like Tether that facilitate high scale capital flow. Tether is by far the most popular stable coin in East Asia, making up 93% of all StableCoin value transferred by addresses in the region.