With the value of crypto assets growing exponentially in the past year, the growth of the stablecoin economy has also swelled, and today, there are $170.24 billion worth of stablecoins in circulation. The data shows that over the past 12 months, a large number of stablecoin valuations have grown exponentially.
Statistics for 12 months show that the stablecoin market valuation has experienced an exponential growth
In the past year, many crypto assets have touched all-time high (ATH) prices as current data highlights the significant growth of the cryptocurrency economy in 2021. Moreover, cryptocurrencies, commonly referred to as stablecoins, have experienced exponential growth. As centralized and decentralized custodians, the protocols have issued billions of tokens since last year.
For example, on January 11, 2021, Tether (USDT) had a market capitalization of $24.4 billion and had grown 221.31% since last year. The US dollar coin (USDC), the second largest stablecoin asset by market valuation, had a market capitalization of $4.4 billion on the same day last year. Today, USDC has a market capitalization of $43.9 billion, an increase of 897.72%.
The stablecoin issued by Binance (BUSD) had a market cap of just $1 billion a year ago and is now $14 billion, up 1,300% last year. Terra’s UST stablecoin was valued at $138 million on January 11, 2021, and today it has a market capitalization of $10.5 billion.
Over the past year, fiat-pegged cryptocurrency market caps have jumped higher than most cryptocurrency gains
The Makerdao DAI token has risen from $1.3 billion to $9 billion today as it has grown 592.30% over the past year. MIM, also known as Magic Internet Money, is a stablecoin that is only a year old but the sixth largest in existence.
The issuance of MIM began in September 2021 with a value of $5.4 million, and today, the market capitalization of MIM is $4.6 billion. Moreover, the market cap of stablecoin (FRAX) is currently at $2 billion but last year it was only $92 million.
It is safe to say that some of the extremes of the dollar-pegged token market that has seen exponential growth over the past year have seen their market cap gain more than traditional crypto assets like Bitcoin or Ethereum.
At the moment, stablecoins represent 8.24% of the total crypto economy with a value of just over $2 trillion today. The global stable trade volume over the past 24 hours was around $72.6 billion, which is 61.94% of today’s $117.2 billion trading volume across the entire cryptocurrency economy.
What do you think of the extremes of the stablecoin market that has grown 500% to 1,300% over the past year? Tell us what you think about it in the comments section below.
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