USDC, the second largest stablecoin according to market valuation, has reportedly added over $10 billion in just 125 days. This makes the capitalization of USDC reach a whopping $30.9 billion from the $20.4 billion it was, as at May 23, 2021.
USDC Becomes The Second Largest Stablecoin
As at today September 25, 2021, a total of $129.3 billion worth of stablecoin assets exists. And out of those, tether (USDT) holds the highest capitalization in the market after nearing $70 billion today. USDC follows closely behind, with $30 billion capitalization.
Although, tether and USDC are presently leading the stablecoin economy, many other stablecoin tokens are also on their way up. For instance, there’s the decentralized stablecoin known as DAI. Issued by the Makerdao project, DAI has added over 800% in market capitalization over the past 12 months. And today, there’s no less than $6 billion worth of DAI in existence.
In just a month, wault usd (WUSD) saw an increase of 55.2%, pax dollar (USDP) increased by 26.4%, while celo dollar (CUSD) also saw a 47.4% increase in market valuation.
USDC Stablecoin Market Capitalization is 1.5% of Global Crypto Economy
As earlier said, there’s $129.3 billion worth of stablecoin assets in existence, which makes up 6.54% of the entire crypto world. However, USDC represents 1.56% of the $1.97 trillion valuation of the entire global crypto economy.
USDC is a well known stablecoin amongst users who leverage it for decentralized finance (defi) applications. Some people may also hedge against volatility using the asset, and many more other uses.
On Saturday, USDC’s trading volume on the global front according to Coinmarketcap, was around $3 billion. And as usual, USD Coin (USDC) only fluctuates a little, because it’s pegged to the U.S. dollar on a 1:1 basis.
USDC, issued by the Centre Consortium, was around $20 billion in valuation as at May 23, 2021. Now, barely 4 months later, it has added $10 billion, amounting to a 54% increase. 30-day stats also show that the asset had an increase of around 14.1%.