According to a report from the Arcane Research, the total supply of stablecoin has already passed the $100 billion mark, while Tether’s dominance is waning.
Here is a graph showing the trend in total supply and dominance of some popular currencies:
There are some cool features on the chart. The total supply of these coins used to be just $11 billion in July 2020 and now appears to have increased by $96 billion in the last 1 year, reaching around $107 billion today.
Tether (USDT) dominated the stablecoin market at that time, accounting for 83% of the total market. But today it has dropped to just 58% of the supply.
On the other hand, the second-placed currency, USDC, had strong growth and now represents 25% of the market. However, Tether is still the most dominant cryptocurrency in this industry.
The company behind the USDC, Circle, is currently in the process of going public with the help of a SPAC. In a presentation to investors, the company revealed that it projects the USDC will rise to $83 billion by the end of 2022 and $194 billion by the end of 2023.
Binance USD (BUSD) is in third after having surpassed the DAI a few months ago. BUSD also had a big growth in the last year.
While Bitcoin (BTC) continues its downtrend and drops below the $30,000 mark, 2 stablecoins achieved the best performance last week.
These two currencies are Fei Protocol (up 0.82% in the last 7 days) and TerraUSD (up 0.08% in the last week). Here is a graph showing the performance of popular cryptocurrencies by market capitalization over the same period:
As you can see in the chart above, Bitcoin and Ethereum appear to be deep in red.
At the time this article was written, the BTC price hovered around $29,700, down 9% in the last 7 days. Last month, the currency dropped 14% in value.
Below is a graph showing the Bitcoin price trend over the last 6 months:
Bitcoin has finally moved out of the $30,000 to $35,000 range the currency has been stuck in in recent weeks. This could mean that more price action could be coming after a very stale market with minimal volatility.
Source: News BTC