{"id":45749,"date":"2020-03-31T09:02:08","date_gmt":"2020-03-31T09:02:08","guid":{"rendered":"https:\/\/www.cryptocabaret.com\/?p=45749"},"modified":"2020-03-31T09:02:08","modified_gmt":"2020-03-31T09:02:08","slug":"stablecoin-market-caps-swell-over-7-billion-volumes-surpass-most-trading-pairs","status":"publish","type":"post","link":"https:\/\/www.cryptocabaret.com\/?p=45749","title":{"rendered":"Stablecoin Market Caps Swell Over $7 Billion \u2013 Volumes Surpass Most Trading Pairs"},"content":{"rendered":"

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While most digital assets have been suffering, stablecoins have been surging since the market downturn in mid-March and tether (USDT<\/a>) is capturing more than 70% of BTC<\/a> trades today. Besides tether, a wide range of other dollar-pegged cryptocurrencies have also benefited this month, as the market valuation of eight different stablecoins combined is well over $7 billion.<\/strong><\/p>\n

Also read: Bitcoin Mining Roundup: BTC Regains 100 Exahash, Miners Close Shop, Pre-Halving Shake-Up<\/a><\/strong><\/em><\/p>\n

Considerable Demand for Stablecoins Pushes ‘Dollarized-Token’ Market Caps Northbound<\/h2>\n

Crypto assets have seen better days as far as market values are concerned and on March 30 the valuation of all 5,000+ digital currencies is around $182 billion<\/a>. Today, more than $7 billion from that number represents eight stablecoins including USDT<\/a>, USDC, PAX, TUSD, DAI, GUSD, BUSD, and HUSD. Most of that $7 billion derives from USDT<\/a>’s market cap, as the firm Tether has reported it now has more than $6 billion in liabilities. Data shows that the total assets under the company’s control equal: $6,141,809,416. Moreover, there’s a slew of stablecoins with much smaller market caps, but still have seen greater demand since the start of the mid-March market rout.<\/p>\n

\"Stablecoin
Source: Research report written by Hasu and Coin Metrics data. <\/a><\/figcaption><\/figure>\n

On Monday, USDT<\/a> is commanding more than 70% of trades<\/a>, which is a lot but not very unusual these days either. As news.Bitcoin.com noted in our recent report<\/a> about the influx of stablecoin demand, USDC and PAX have continued to remain in the top five BTC<\/a> pairs globally. Both coins are gathering more than 5% of BTC<\/a>’s global trades each and both of them combined have seen more trade volume than the U.S. dollar.<\/p>\n

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Over the past month, fiat-collateralized stablecoins built on Ethereum have seen substantial inflows. <\/p>\n

30 day change in supply:
• $USDT<\/a>: +51.5%
• $USDC<\/a>: +55.4%
• $PAX<\/a>: +26.5%
• $BUSD<\/a>: +186.0%
• $HUSD<\/a>: +74.7%<\/p>\n

Ethereum’s stablecoin economy is growing at a staggering rate. pic.twitter.com\/Mp5Yl2k2hE<\/a><\/p>\n

— Cole Kennelly ⬙ 🦄 (@ColeGotTweets) March 29, 2020<\/a><\/p>\n<\/blockquote>\n

According to sites like coinmarketcap.com, there’s an alleged $118 billion in global crypto trades on March 30. BTC<\/a> captures $36 billion of those trades and tether (USDT<\/a>) commands $44 billion. However, stats from messari.io indicate BTC<\/a> is leading in “real volume” with $1.4 billion in worldwide trades and USDT<\/a> capturing $1.1 billion. Messari’s data also shows USDT<\/a>’s reported market cap is larger than XRPs now.<\/p>\n

\"Stablecoin
Messari.io data indicates that USDT<\/a>’s reported market cap is larger ($5.8B) than XRPs ($5.1B).<\/figcaption><\/figure>\n

Stablecoin Transfers Touch All-Time Highs, Tron to Launch a ‘DAI-like’ Dollar-Coin<\/h2>\n

It’s uncertain whether tether is actually doing 22% more volume than BTC<\/a>, but lots of USDT<\/a> stats indicate the volume is at least on par with BTC<\/a> trade volumes regularly. In addition to Pax and USDC, the stablecoins HUSD and BUSD have seen increased demand as well.<\/p>\n

\"Stablecoin<\/p>\n

Competition has increased a great deal among all the stablecoins and Justin Sun revealed<\/a> Tron is launching a ‘DAI-like’ stablecoin called “USDJ.” The coin will allegedly be pegged to the USD rate by using collateralized digital assets.<\/p>\n

\"Stablecoin
24-hour stablecoin and fiat volumes with BTC<\/a> on March 30, 2020. USDT<\/a> is commanding 70% of BTC<\/a> trades, USDC 5.6%, and PAX 5.5%.<\/figcaption><\/figure>\n

The recent stablecoin demand was noticed by the entire crypto community and Coin Metrics discussed the situation in the firm’s latest report<\/a>. “Stablecoin transfer value hit an all-time high amidst the market turmoil,” Coin Metrics wrote. The researchers added:<\/p>\n

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The dual impact of Bitcoin’s USD value halving and massive issuance of stablecoins led to stablecoins’ market cap as a percentage of Bitcoin’s doubling in a matter of days.<\/strong><\/em><\/p>\n<\/blockquote>\n

What do you think about the demand for stablecoins? Let us know in the comments below.<\/strong><\/em><\/p>\n

The post Stablecoin Market Caps Swell Over $7 Billion – Volumes Surpass Most Trading Pairs<\/a> appeared first on Bitcoin News<\/a>.<\/p>\n

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