2022-2-27 20:07 |
Stablecoins have reached an all-time high in their valuation as the rest of the markets struggled.The new market capitalization of stablecoins stands at $182 billion.The rise in their usage has been linked to the turbulence in the cryptocurrency markets since the start of 2022.
Stablecoins are perhaps the fastest-growing asset class in the cryptoverse according to research carried out by Arcane Research and CryptoRank. The new figures put their market capitalization at a new all-time high.
Stablecoins Are Racing To The TopThe combined values of stablecoins in the cryptocurrency ecosystem now stand at $182 billion, suggesting a growing interest in them. In the last month, stablecoins have steadily climbed by over $9 billion and this increase stands in stark comparison to the doldrums faced by other crypto assets in February.
As stablecoin fortunes soared, three stablecoins broke into the coveted top ten spots for cryptocurrency assets by virtue of their capitalizations. USDT, USDC, and BUSD hold the title as the largest stablecoins in the space, and Arcane’s research notes that they control 9% of global cryptocurrency market capitalization. Tether’s USDT remains the largest with a market capitalization of $79 billion while USDC and BUSD have $52.85 billion and $18.33 billion respectively.
The report notes that for months, USDT held the lion’s share of the stablecoin market but the recent resurgence of Circle’s USDC has closed the gap. The renewed push is often considered a win-win for the cryptospace that has been blighted by Tether FUD in the past. “If USDC and USDT continue growing at similar rates as so far in 2022, USDC will become the largest stablecoin by market cap at the end of June,” read the report.
Transaction volumes for cryptocurrencies over the last day surpass $60 billion, making a significant chunk of all cryptocurrencies traded. Stablecoins have found increased usage by investors seeking to prevent the volatility of the markets. Since the start of the year, the values of several digital assets have taken a steep plunge, way below the record highs that they set in 2021.
Stablecoins Are Getting BetterStablecoins have been hounded by regulators in the US over the nature of their holdings with Tether taking the largest hit. After being slammed with a $42 million fine by the US Commodity Futures Trading Commission (CFTC) and sanctions by New York’s AG Office, Tether is cleaning up its act.
An accounting report hinted that the firm was reducing its investments in commercial paper holdings. The process of the reduction began in the last quarter of 2021 and the financial report notes a 21% slash worth $6.2 billion. On the other side of the divide, Luna Foundation has raised $1 billion for Terra’s ecosystem to improve the UST stable coin.
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