Stablecoins Swelled by $13B in 30 Days, Captured 67% of Today's Crypto Trade Volume

[XiNFiNiTY]

Over the last few weeks, cryptocurrency markets have fallen in value as most of these assets reached all-time price highs three months ago. Despite the price drops, 2021 has still been an explosive year for crypto gains and fiat-pegged stablecoins have grown massively as well. 53 days ago, the entire capitalization of fiat stablecoins crossed the $100 billion mark, and the stablecoin market valuation continues to grow, swelling 13% since the end of May.

Stablecoin Market Valuation Grows by 13% in 30 Days, Tether Issuance Slows

Stablecoins have made their mark in the crypto economy over the last five years as these fiat-pegged tokens have grown immensely during that time period. While digital currency markets have dipped in value, the use of stablecoins has remained frothy and today the market capitalization of all the stablecoins in existence is $113 billion.

Of course, tether (USDT) is the largest stablecoin in terms of market valuation and the amount of transactions the stablecoin network processes daily. At the time of writing, the market capitalization of tether (USDT) is $62 billion and USDT’s overall valuation is 4.94% of the entire market valuation of all the crypto coins in existence.

Top ten stablecoins by market valuation on Friday, July 16, 2021.

Coingecko statistics show tether commands $43.5 billion in global swaps on Friday, but messari.io data shows “real volume” is around $12.51 billion. Either way you look at it, tether has more volume than BTC and ETH markets combined.

Tether captures more than 62% of today’s BTC trades and 51.4% of ETH trades on Friday. BUSD commands 4.5% of today’s BTC trades and 7.9% of ETH swaps on Friday as well.

Moreover, most of the BTC and ETH trades are swapped for tether (USDT) as BTC statistics show USDT captures 62.48% of today’s share of trades. The stablecoin BUSD, issued by Binance, captures 4.61% of bitcoin (BTC) swaps and is just under the U.S. dollar as BTC’s third-largest trading pair, according to cryptocompare.com data.

Tether was growing exponentially from July 2020 up until June 2021, when issuing tethers started to slow down at $61.7 billion. At the start of June, usd coin (USDC) went from $22 billion to mid-July’s $26.5 billion market capitalization.

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