Go to the Bitcoin (BTC) page, coins remain in the spotlight. Crypto Research Arcane Research and CryptoRank confirm that the supply of stablecoins has reached $180 billion.
Stack coin growth continues to outperform the rest of the market, up 6% over the past 30 days. In times of market volatility, stablecoins can provide price stability backed by specific assets or algorithms.
During February, three stash coins entered the top 10 by market cap, as did Binance USD (BUSD). According to Arcane Research, the three largest stablecoins, Tether (USDT), USD Coin (USDC) and Binance USD (BUSD), now account for a total of “9% of the total cryptocurrency market capitalization.”
In addition, while volatility prevails, the supply of stablecoins has grown by $9.5 billion over the past 30 days. Arcane Research says that while USDT is the largest stablecoin with a market share of 44%, and has been in the doldrums over the past year, USDC is preparing it for a “20% increase in 2022.”
“If the USDC and USDT pair continue to rise at the same pace as it did in 2022, the USDC will become the largest stablecoin by market cap at the end of June.”
Total supply of stablecoins. Source: Secret Research.
There was more good news this morning about Tether, the largest stablecoin by market capitalization. Tether FUD was an industry volatility, and a devastating story for the crypto industry in 2021, but at the moment the USDT trajectory appears to be on the rise.
In its most recent certification readiness, the company reduced its certification exposure by 21%. In addition, the report states that “Tether’s consolidated assets exceed its consolidated liabilities.”
While most cryptocurrency proponents may ask what is the significance of cryptocurrencies, the cases of their use are on the rise, especially in developing countries. Also, for investors, the dominance of stablecoins is an interesting arithmetic, as mentioned here:
As the overall stablecoin bets reach all-time highs, traders are hoping that $39,600 will not be a significant resistance.