2024

World

USDC

Notable

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/insights-into-the-growth-and-dominance-of-stablecoins-in-the-crypto-market/" data-wpel-link="internal">Insights into the Growth and Dominance of Stablecoins in the Crypto Market</a><br></p>
<p style="text-align: justify">The pulse of the digital economy is strongly felt in the cryptocurrency market, where recent growth and changes are strikingly evident in the 2024 RWA-Real World Asset Report. In particular, the report sheds light on the increasing role of US dollar-pegged stablecoins in the adoption of crypto assets.</p> 
<h2 style="text-align: justify" id="notable-findings-in-the-report">Notable Findings in the Report</h2> 
<p style="text-align: justify">Among the standout findings of this report is the dominance of US dollar-pegged stablecoins in the cryptocurrency market. With an enormous market value of $103.9 billion, <strong><a href="https://en.coin-turk.com/u-s-treasurys-focus-on-tethers-risks-and-regulatory-needs/" data-wpel-link="internal">Tether</a></strong> (<a href="https://coin-turk.com/yakinda-tether-kripto-paralari-alt-ust-edebilir-buyuk-dusus-kapida-mi" data-wpel-link="internal">USDT</a>) sits at the top of the list, followed by USDC with a market value of $26.8 billion and Dai with $4.9 billion.</p> 
<p style="text-align: justify">Tether’s market share of 71.4% maintains its leading position, which can be seen as an indicator of the dollar’s dominance in the industry. However, we observe that USDC is still striving to recover from a brief de-pegging event during the US banking crisis in March 2023.</p> 
<h2 style="text-align: justify" id="is-there-a-us-dollar-hegemony">Is There a US Dollar Hegemony?</h2> 
<p style="text-align: justify">The report also reveals that stablecoins pegged to currencies other than the USD still hold a very small share in the crypto market. This situation indicates that the dominance of the US dollar in the crypto ecosystem remains strong.</p> 
<p style="text-align: justify">The dollar-focused structure of the crypto market reflects the global financial system’s dollar dominance, but it also presents an opportunity for increased diversity and competition in the sector.</p> 
<h2 style="text-align: justify" id="a-closer-look-at-the-stablecoin-market">A Closer Look at the Stablecoin Market</h2> 
<p style="text-align: justify">Digging deeper into the landscape, we encounter a reality of minimal diversification beyond US dollar-pegged stablecoins. Alternative fiat-backed stablecoins such as Euro Tether (EURT), CNH Tether (CNHT), Mexican Peso Tether (MXNT), EURC (EURC), Stasis Euro (EURS), and BiLira (TRYB) collectively make up only 1% of the market share.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-331826 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/stablcoin-coin-turk-com-.png" alt="" width="759" height="695"></p> 
<p style="text-align: justify">The latest report sheds light on the total value trajectory of the stable asset market over the years. The stablecoin market reached an unexpected peak of $150.1 billion in March 2024 from a modest level of $5.2 billion at the beginning of 2020, but then fell to $149 billion amid market fluctuations at the time of writing.</p> 
<p style="text-align: justify">It seems that there is still room for diversification and expansion of market shares among stablecoins, but the dominance of those pegged to the USD appears to continue.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/insights-into-the-growth-and-dominance-of-stablecoins-in-the-crypto-market/" data-wpel-link="internal">Insights into the Growth and Dominance of Stablecoins in the Crypto Market</a></h5>

Insights into the Growth and Dominance of Stablecoins in the Crypto Market

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