The capitalization of the stablecoin market continues to expand as USDC continues to be one of the quickest growing cryptocurrencies that is pegged to the US dollar. USDC tokens with a total worth of $10.35 billion are presently in circulation.
Meanwhile, Tether’s market share is shrinking – it now enjoys 69.55% of the market. For comparison, USDC now fills 17.05% of the market, although at the start of the year that mark was set at about 14%. The shares of DAI and BUSD stablecoins are likewise growing, while PAX and other less popular tokens are steadily losing their market share.
The overall capitalization of the stablecoin crypto market is closing up to $60 billion and now stands at $58.8 billion. USDT owns $40.7 billion, the mentioned USDC capitalization is $10.35 billion, while BUSD and DAI are respectively worth $3.1 billion and $2.7 billion.
We remind you that the Centre consortium launched USDC back in September 2018. The stablecoin presently operates on the Stellar, Solana, Algorand, and Ethereum networks. Many users from time zones across North America prefer USDC, as it is supplied by a company under US regulation. The leading stablecoin USDT is more prevalent in time zones across Asia and Oceania.
Earlier it was revealed that roughly 70% of the total amount of stable cryptocurrencies circulates within the Ethereum blockchain. The Tron network is also trendy, controlling some 26.7% of the stablecoin trading. The total volume of trades with stablecoins in the month of February 2021 amounted to $385 billion.
Note that a big drive of recent investments may be attributed to the US government’s economic relief, as a study suggested Americans may spend 10% of their incentive payments to buy cryptocurrencies and stocks.
