21 Feb 2022

Stablecoin supply growing towards $200 billion

Stablecoins continue growing faster than the rest of the crypto market.
stablecoins circulating supply.svg
Source: CoinGecko
Tether (USDT) is the biggest stablecoin with a 44% market share, followed by USD Coin (USDC) with 29%, and Binance USD (BUSD) with 20%.USDC grew extremely fast in 2021 and has continued its strong growth in 2022 with a 20% growth.Since the summer of 2021, USDT’s growth has stagnated, and it has only grown 1% so far in 2022.In our end of year report, we projected that USDC will overtake USDT’s position as the biggest stablecoin in 2022. 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.Other fast-growing stablecoins are Terra UST (UST) and DAI, seeing 19% and 9% growth in 2022. These are algorithmic stablecoins, backed by other cryptocurrencies' value, not fiat currencies.Trader Byzantine General recently pointed out in a tweet that Tether’s crypto market dominance had reached levels that have previously signaled peak fear in the market.
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