Tether (USDT), the largest stablecoin based on market capitalization has crossed the $80 billion valuation. This comes after monthly statistics showed a 2% valuation increase this month.
While the entire stablecoin economy now stands at over $187 billion as of March 15, 2022, Tether’s valuation represents 42.78%, retaining its spot as the “number 1” stablecoin. Similarly, USDT also represents 4.46% of the whole $1.83 trillion digital currency economy.
Closely behind USDT is the popular USD Coin (USDC) whose valuation only increased by o.3% between February and March to reach a market valuation of about $52.3 billion.
At the time of writing, USDC now represents 27.96% and 2.92% of the entire crypto and stablecoin economy respectively.
As of March 14, 2022, USDC and USDT made a combined figure of over $132.3 billion, representing over 70% of the entire stablecoin economy.
While USDT currently trades at $1.00 USDC is exchanging for $0.99.
USDT/USD 24-Hour trading chat. Source: tradingview.com
USDC/USD 24-Hour trading chart. Source: tradingview.com
In addition to the growth of USDC and USDT, the two biggest gainers in terms of issuance (30-day) include UST by Terra and USDN by Neutrino Protocol, which jumped by 29.9% and 43.8% respectively.
In the last year, the stablecoin economy has grown massively and is only $13 billion away from hitting the $200 billion valuation mark. Factors that have contributed to the growth of stablecoins lies in their ability to facilitate international trade and cushion against the extremely volatile crypto market.
