On April 11, the stablecoin market was valued at $190 billion and was about to surpass the $200 billion level. However, after the collapse of Terra, the fiat-pegged token economy lost $16.31 billion in value. While that value was wiped out, the stablecoins themselves represented 9.35% of the entire crypto market net worth. And now, the crypto economy is worth around $1.15 trillion, and stablecoins account for about 13.8% of the total market share.
In 61 days, stablecoin dominance rose from 9% to 13.8%
For the first time, 3 stablecoins entered the top 10 cryptocurrencies in terms of market value on May 6, 2022, including Tether (USDT), Usd Coin (USDC), and Terrausd (UST) (before the UST collapse).
Although Terrausd is gone, there are still 3 stablecoins in the top 10, as Binance Usd (BUSD) has risen to place at the seventh spot. Two months ago, on April 11, the stablecoin economy was valued at $190 billion, but now, the market is worth $159 billion.
On April 11, the entire crypto market was worth $2.03 trillion, and it’s now valued at $1.15 trillion. While the collapse of Terra’s UST wiped up billions of dollars, the stablecoin dominance is far higher than it did when it was nearing $200 billion.
Stablecoins also represent the majority of trading volume, and at the time of this writing, fiat-pegged tokens have reached a new high of $46.1 billion, while the volume of all crypto assets is $71,6 billion. Data shows that 64.38% of all crypto transactions are now swapped against stablecoin pairs.
Tether (USDT) remains the biggest stablecoin with a market valuation of $72 billion, accounting for more than 6% of the entire crypto market. The next spot is Usd Coin (USDC) with $53.7 billion in value, representing more than 4% of the economy.
USDC and USDT combined account for 76.92% of the entire stablecoin space, which holds 13.4% of the market share. Meanwhile, BUSD represents 1.58% of the entire crypto economy and more than 1% of the crypto economy stemming from stablecoins like DAI, FRAX, TUSD, and USDP.
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