coinedition.com
In a recent revelation from the Real World Asset Report of 2024, the crypto market witnesses a significant dominance of USD-pegged stablecoins staying at the forefront of real-world asset (RWA) adoption within the digital economy.
The report’s key findings suggest that majority of the RWA market is currently occupied by stablecoins pegged to the US dollar. Topping the charts are Tether (USDT), boasting a staggering $96.1 billion market capitalization, closely trailed by USDC with $26.8 billion, and Dai at $4.9 billion.
Notably, Tether maintains a commanding 71.4% market share keeping up its position within the space. USDC still struggles to reclaim its lost ground following a brief de-pegging incident during the US banking crisis of March 2023.
Diving deeper into the landscape, the report unveils a stark reality of minimal diversification beyond the USD-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 constitute a mere 1% of the market share.
Furthermore, the report sheds light on the trajectory of stable asset market capitalization over the years. From a modest $5.2 billion at the outset of 2020 the stablecoin market rose to an unexpected $150.1 billion peak in March 2022, however, then declining amidst market fluctuations.
The year 2024 marks a resurgence of the stablecoin witnessing a 4.9% growth in market cap from $128.2 billion at the inception of the year to $134.6 billion as of February 1.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.