Stablecoin

Mountain Protocol

2024

DeFi

Coin

On March 21, the market capitalization of stablecoins reached $150 billion for the first time in 18 months.
According to <a href="https://crypto.news/tag/CoinGecko/" rel="noopener noreferrer nofollow">CoinGecko</a>, in addition to the growth of market capitalization to $150.5 billion, daily trading volume for the asset class approached $122 billion.
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 Source: CoinGecko
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The undisputed leader in this category is Tether (<a href="https://crypto.news/price/tether/" target="_blank" rel="noopener noreferrer nofollow">USDT</a>), which has 70% dominance. The second largest stablecoin, USD Coin (<a href="https://crypto.news/price/usd-coin/" target="_blank" rel="noopener noreferrer nofollow">USDC</a>), has a market capitalization of $31.8 billion, giving <a href="https://crypto.news/tag/Circle/" target="_blank" rel="noopener noreferrer nofollow">Circle</a>‘s stablecoin a market share of over 20%. In third place is <a href="https://crypto.news/price/Dai/" target="_blank" rel="noopener noreferrer nofollow">DAI</a>, which had $4.7 billion and 3% of the market share at the time of writing.
You might also like: <a href="https://crypto.news/tether-usdt-stablecoin-record/" rel="noopener noreferrer nofollow"> Tether’s USDT surpasses $100b mark, sets new stablecoin record </a>
The crypto community believes that the increase in <a href="https://crypto.news/tag/stablecoin/" rel="noopener noreferrer nofollow">stablecoins</a>‘ market capitalization is an optimistic signal for further market growth.
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 Total Stablecoin Mcap: Mar 21st. $147b. Feb 21st. $138b. Jan 21st. $133b. Dec 21st. $130b. Nov 21st. $127b. Oct 21st. $124b. it is impossible and stupid to not be bullish on DeFi whilst this chart is just up and to the right for the last 6 months. <a href="https://t.co/qkcERkIXi8" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/qkcERkIXi8</a>— ZeroToTom (@zerototom) <a href="https://twitter.com/zerototom/status/1770794504615813352?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">March 21, 2024</a>
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In particular, stablecoins satisfy a market need if they have such a large market capitalization.
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 If Stablecoins have such a large marketcap they are meeting market's need… In my opinion, fiat stability on <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> have the potential boost adoption and financial liberties around the world, and make it easier for businesses to accept BTC<a href="https://twitter.com/HRF?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@HRF</a> <a href="https://twitter.com/ck_SNARKs?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@ck_SNARKs</a> <a href="https://twitter.com/AlexLi98?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@AlexLi98</a> 👀 <a href="https://t.co/tUJ3e7sBwz" target="_blank" rel="noopener noreferrer nofollow">https://t.co/tUJ3e7sBwz</a>— Science Genial (@science_genial) <a href="https://twitter.com/science_genial/status/1770841194395844810?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">March 21, 2024</a>
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Earlier in March, rating agency S&amp;P Global Ratings <a href="https://www.spglobal.com/ratings/en/products-benefits/products/stablecoin-stability-assessment" target="_blank" rel="noopener noreferrer nofollow">released</a> its ninth stability rating for the stablecoins USDC, USDT, DAI, FDUSD, FRAX, USDM, GUSD, USDP and TUSD.
USDC, USDP, and GUSD were rated “strong,” while only USDM from Mountain Protocol was rated “adequate”. Stablecoins USDT, DAI, and FDUSD were called “constrained.”
The highest risk and lowest valued were FRAX and TUSD. None of the listed assets received the highest score in the current ranking.
You might also like: <a href="https://crypto.news/circles-ipo-to-make-waves-in-stablecoin-market/" rel="noopener noreferrer nofollow"> Circle’s IPO to make waves in stablecoin market </a>

Stablecoin market capitalization sets record, surpasses $150b mark

crypto.news

Other articles published on Mar 21, 2024

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