Stablecoin Economy Surged 3.5% In Two Weeks: Analysis

The stablecoin economy surged by 3.5% in two weeks to $167 billion as the fiat-pegged tokens maintain over 60% of the crypto trades so let’s take a closer look at today’s crypto news.

The stablecoin economy grew by 3.59% in 17 days as plenty of stablecoin market valuations issued a fiat-pegged token this month. The stablecoin economy of $167 billion markets represent 6.68% of the entire $2.49 trillion crypto market economy. There’s a huge number of stablecoins in existence today which are pegged to the value of fiat currencies such as the US dollar. The US dollar is the most common stablecoin peg but there are others that represent the euro and the Swiss franc. The total value of the stablecoins in existence is $167 billion marking a 3.59% increase and the most dominant stablecoin today is still Tether with a market cap of $77.7 billion across other blockchains.

Tether’s sizeable market capitalization is 46.52% of the entire stable coin economy today while the USD coin is the second biggest stablecoin in terms of the market cap of $42.2 billion. While USDT increased 5.7% during the past month, USDC climbed 14% during the past 30-day and the third, fourth and fifth biggest stablecoin market valuations belong to UST, DAI, and BUSD. BUSD’s $14.8 billion market cap increased by 14.6% in the past month and UST issuance jumped by 36% of Today’s Trades paired with stablecoins.

The MakerDAO issued stablecoin DAI increased by 2.9% this past month with a valuation of $8.9 billion and Terra’s Protocol UST is now 9.18% larger with a valuation of $9.8 billion at the time of writing. FRAX, MIM, and FEI saw some issuance increase as well with anywhere between 15.6% to 42%. The stablecoin origin dollar also increased more than 102% over the past 30 days and the SUSD jumped 38.7%.

The stablecoin economy now commands $55.4 billion in trade volume out of the total $92.1 billion reported volume which means that with every trade today, 60.15% of the trades are paired with stablecoins. Bitcoin on the other hand has seen around 59% of today’s swaps with Tether and Ethereum has seen similar metrics with Tether as well.

As recently reported, Ethereum whales took up the strong stance in the altcoin as the accumulation of the token among the investor class ramped up in recent times. Shiba Inu accumulation patterns among Ethereum whales are loading up seemingly in the past few days. The meme coin has been shown to command most of the dominant among the top 1000 ETH wallet holdings that hold a major amount of SHIB altogether.