The stablecoin economy is growing at a steady pace and is now only $10 billion away from touching the $200 billion mark. As per the latest data, the stablecoin economy is worth $190.1 billion. It captured $68 billion in trade volume, during the last 24-hours, out of the aggregate of $107 billion worth of today’s global trade volume.
Tether (USDT) is the largest, having grown by 3% in the last 30-days. It has a market capitalization of $82,585,435,832.Tether’s market cap represents 4.21% of the entire crypto economy. USDC is the second-largest stablecoin, but it saw a decline of 2.9% over the last month. TerraUSD (UST) is the fourth-largest stablecoin. It increased by 15.4% on Monday to $16.7 billion. DAI is positioned as the fifth-largest stablecoin with $8.9 billion. But its market valuation slipped by 4.9% in the last 30-days.
The ten largest stablecoins aggregate market capitalization, as per Fitch Ratings, was USD 160 billion at the 2021-end. 2022 has seen the stablecoin growth story continue. Fitch Ratings highlighted that the total market capitalization of USD 187 billion as of 18 March 2022, showed an increase of 15% since the beginning of the year. The credit rating agency said that market structure changes with changes to the reserve portfolio allocations of the largest stablecoins brought improvement in stablecoin’s aggregate risk profile in 2021.
This growth coincides with increased regulatory scrutiny and broader usage of stablecoins. It is now more widely used for payments.