Stablecoins are breaking records – Although by definition these cryptocurrencies are doomed to keep a stable price, stablecoins have never been as successful as they are today in the cryptosphere. This is particularly the case with Tether’s USDT, which continues to largely dominate this sector.
Nearly $ 23 billion in stablecoins
Between the decentralized finance fever (DeFi) last spring and summer, and now what could be the start of a new bull run , stablecoin-type cryptos are more in demand than ever by traders and investors.
As can be seen by the data of the site CoinGecko below, which includes the major stablecoins based on the US dollar , the total valuation of these stable crypto now reached 22.9 billion dollars .
Valuation of the main US dollar stablecoins
The daily trading volumes are also very important for these stablecoins, since they are a little more than $ 38.7 billion over the past 24 hours.
USDT still in first place on the podium
Despite various legal controversies which unfortunately drag on, Tether’s stablecoin continues to assert its broad dominance .
According to the website of the USDT issuing company, there are now more than $ 17.5 billion of this stablecoin in circulation. Present on different blockchains (Bitcoin with Omni , Tron or even EOS ), stablecoin exists mainly as an ERC20 token of Ethereum , since more than 64% of USDT are in this form (i.e. $ 11.2 billion).
Its main competitor , which happens to be the USDC Circle and Coinbase, is far behind, since stablecoin capitalization is 2.85 billion .
Behind, only the DAI of the MakerDAO project begins to approach the symbolic threshold of the billion dollars currently (with 965 million DAI).
Stablecoins are very handy crypto-assets for crypto players. Indeed, they allow to withdraw from a possible too great volatility of traditional cryptos, without generating taxation, unlike the conversion into fiats currencies (fact generating tax in most countries). Unless there are new regulations , stablecoins should logically continue to thrive.