31 May 2021
Total stablecoin supply is now more than $100 billion
Stablecoins have become an important part of the crypto market, and the total stablecoin market cap has now surpassed $100 billion after massive growth in 2021.
The stablecoin market has exploded this year, and just surpassed $100 billion. The total stablecoins supply has more than tripled in 2021.In January 2020, USDT was the dominant stablecoin, accounting for more than 75% of the total stablecoin market cap. Now, USDT market share is down to 61.8%, as other stablecoins are growing in popularity.USDC is currently the second largest stablecoins and has more than doubled its market share since the beginning of 2020, now account for 22.5% of the total stablecoin market cap.Tether’s USDT is still the king among stablecoins and according to an announcement by Tether, institutional and corporate demand is the main driver of Tether's continued growth. It is not unlikely that the rise of DeFi has contributed to more demand for stablecoins over the past year.Overall, it’s encouraging to see the rise of other stablecoins, creating a less centralized stablecoin market.