Stablecoin Supply Doubles in 3 Months as Combined Market Cap Surpasses $20B

Stablecoin Supply Doubles in 3 Months as Combined Market Cap Surpasses $20B

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Coingecko’s stablecoin index shows there’s more than billion in global stablecoin trade volume today, among the 28 stablecoin tokens listed on the website. Interestingly, the statistics show a fiat-pegged token that had lost it’s peg or is currently considered underwater. For instance, Nubits (USNBT) was supposed to hold value at but is trading for This year quite a bit of money has flown into the stablecoin economy and just recently all the stablecoin tokens in existence captured a billion market valuation. This means all the fiat-pegged tokens are worth more than 6% of the aggregate 8 billion market capitalization.
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Stablecoin Supply Doubles in 3 Months as Combined Market Cap Surpasses $20B
The stablecoin supply has doubled in the last three months and the market capitalization is over $20 billion on Sunday, October 4, 2020.

Circle’s USDC stablecoin currently captures the 12th largest market cap, right below BSV and just above EOS. If the token’s market valuation continues to grow, it will be the second dollar-pegged coin to make it into the top ten list.
Despite Tether’s dominance, USDC is now the only stablecoin, besides tether (USDT), with over a billion-dollar (.6B) market cap. However, Makerdao’s issued DAI stablecoin has been slowly inching toward the billion mark, with a current valuation of 4 million on Sunday morning (EST).
Piedao USD is also below a dollar as well, as the token diversifies USD positions among different Ethereum-based representations of USD, such as DAI, USDC, TUSD. Additionally, the 28 stablecoin list today has other international fiat currencies represented besides USD.
The combined stablecoin dominance is much larger than most of the top virtual currency valuations and tether (USDT) captures over 4% of the cumulative total. Just recently, news.Bitcoin.com reported on how USDT’s market dominance has slid below 80% for the first time this year.

Stablecoin Supply Doubles in 3 Months as Combined Market Cap Surpasses $20B
The top ten stablecoin market valuations according to Coingecko on Sunday, October 4, 2020.

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Tether’s market cap today is still a whopping .58 billion and USDT is capturing more trade volume than bitcoin (BTC). Statistics from Messari.io’s screener shows the 24-hour “real volume” for BTC is 9,647,952 today, while USDT commands ,641,069,819 in trade volume.
Only one non-USD stablecoin exists within the list of top ten stablecoin tokens. Status euro (EURS) currently holds the 9th position with 5k in 24-hour trade volume and a million market cap.
On Sunday, October 4, 2020, USDC data shows reported volume is roughly 0 million, but Messari.io’s “real volume” stats indicate USDC trades only capture million. Similarly DAI’s “real volume” is around million, but reported volume is roughly million.
2020 has been the year of stablecoins, as the token supply has doubled in the last three months. The aggregate market capitalization of 28 stablecoins captures over billion on October 4, 2020. While tether still dominates the stablecoin ranks, USDC has been moving closer toward the top ten crypto coins. USDC is also the only stablecoin with market capitalization greater than billion other than tether.
What do you think about the billion worth of stablecoins and the stablecoin supply doubling during the last three months? Let us know what you think about this subject in the comments below.

A few examples include status euro (EURS), Bitcny (BITCNY), Binance GBP (BGBP), and Binance KRW (BKRW). U.S. dollar-based stablecoins represent 67.86% of all the fiat-pegged tokens in existence.

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