Total Supply of Stablecoins Crossed the $100 Bln Mark

According to The Block Data Dashboard, the total supply of dollar-pegged stablecoins has crossed the $100 bln mark. At the time of this writing, the total volume of stablecoins is $100.33 bln. Much of this growth has been formed by the two largest stablecoins: USDT from Tether and USD Coin (USDC) from the Center consortium.

Tether's market share is 62% and USDC is 21%. USDC's market share has grown at a faster pace in recent weeks. At the end of last year, USDC had a market share of less than 10%. Most of the growth in stablecoins has occurred in recent months. At the beginning of this year, the total supply of stablecoins was only about $30 bln.

The surge in stablecoins suggests that cryptocurrency market participants are increasingly using funds, including in areas such as derivatives and decentralized finance (DeFi). Derivatives traders often use stablecoins as collateral. DeFi users use stablecoins to trade and lend for profit.

Image: Medium