Stablecoins, cryptocurrencies linked to a stable asset, such as fiat currencies (the dollar, for example) or commodities, experienced astonishing growth in the final weeks of 2021. In just ten days, the entire stablecoin economy grew by 7.33 %, going from 150,000 million dollars to 161,200 million today.
Tether (USDT), the largest stable coin in terms of market valuation, is valued at about $ 77.3 billion and its market capitalization grew 6.1% over the past month.
It is followed by USD coin (USDC), which today has a market valuation of around $ 41 billion, with a market capitalization that grew by a considerable 19.5% over the last 30 days. Together, USDT and USDC represent 4.75% of the entire crypto-economy and 73.21% of the total $ 161 billion in fiat value tokens.
While Tether accounts for most of the trade volume, USDC ranks third in stablecoin trading volume, just shy of BUSD.
For its part, Terra’s UST stable coin has seen the largest rise of the top ten stablecoin markets over the past 30 days, with its market capitalization growing 190%. A month ago, Terra’s UST market cap was just $ 2.88 billion. Today, it is around $ 8.3 billion, just below DAI, which has about $ 8.95 billion in market capitalization.
Fax, pax dollar, and liquidity USD are some examples of other stablecoins that have seen notable movements in 30 days.
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And they are not the only ones. In addition to tokens pegged to the value of the dollar, many stablecoins based on different fiat currencies, such as the euro and the Turkish lira, have also seen significant growth in 30 days.