The stablecoin space has continued to expand, registering a total market of $171.03 billion. Tether Limited’s Tether ($USDT) continues to be the predominant stablecoin and holds a large portion of the market share. With 69.58% market dominance, $USDT manages to hold its ground in the overall crypto markets.
TOP #STABLECOINS BY MARKET CAPITALIZATION
TOTAL #STABLE MARKET CAP – $171.03B
STABLE DOMINANCE – 7.72%… pic.twitter.com/QXGMGmrx4Q
— PHOENIX – Crypto News & Analytics (@pnxgrp) September 20, 2024
Other notable players include $USDC, $DAI, and $FDUSD. $USDC is second, with a market cap of $35.3 billion and a daily trading volume reaching $6.9 billion. $DAI, another significant contributor, is third, with a market cap of $5.3 billion and a daily volume of $68.6 million.
USDT Dominance Continues to Grow
Tether ($USDT) is the most traded stablecoin, with a daily trading volume of $69.4 billion, surpassing its competitors. This continuous demand highlights the trust users place in $USDT, which has become essential in decentralized finance and exchanges. Its current market cap of $119 billion cements its place as a leading asset.
Rising Players and the Growing Diversity of Stablecoins
FDUSD holds a market cap of $2.9 billion. $USDC and $PYUSD also contribute to the growing stablecoin ecosystem. Their collective presence showcases the diversity of options available to investors and users globally.
Stablecoins have a market share of 7.72% in the overall crypto market. The subsector continues to demonstrate meaningful activity even during market turbulence, which speaks to its utility in making transactions and serving as a reliable store of value. With fewer users seeking a stable store of value rather than liquidating their positions entirely for fear of such instability, the stable core contributed to the overall benefits of the market.