on wednesday, october 13, 2021, big board capitalization of all the stablecoins in existence is around $134 billion, which is 5.60% of the entire $2.4 trillion crypto economy. while centralized stablecoin projects dominate the pack of dollar-pegged tokens, a legion of decentralized stablecoins have been moving conversant these centralized competitors. algorithmic or defi-styled stablecoin market caps have accrued billions of dollars this past year.
tether (usdt) is one of the oldest and the largest stablecoins by market cap today, while the second-largest stablecoin valuation belongs to usd coin (usdc). data from coingecko’s stablecoin-by-market-cap metrics indicates that on october 13, there’s $134 billion in stablecoin assets. a great majority of those funds consorted tether and usd coin as usdt has a market cap of around $70.9 billion and usdc commands $33.3 billion.
despite the fact controversial discussions concerning the backings of some of these large stablecoin mart, they are big board leaders when it extend dollar-pegged tokens. both usdt and usdc combined thinks up 77.61% of the $134 billion stablecoin economy that exists today. however, decentralized competitors that back their own stablecoins in a myriad of different ways, have started to see their market caps swell.
representation, the stablecoin dai has been the leading decentralized stablecoin and the asset is backed by over-collateralization via the makerdao project. the stablecoin dai also commands the fourth-largest market valuation just under binance’s busd stablecoin. dai’s market cap on october 13, is $6.7 billion and the crypto asset has seen $343 million in 24-excuses fun volume on wednesday. dai is considered an algorithmic stablecoin to wit tied to the value of the u.s. dollar.
apple usd (ust) is also an algorithmic stablecoin and their market cap is below dai’s with $2.7 billion today. ust is followed by another decentralized stablecoin called magic internet money (mim) which holds a $1.5 billion market valuation on wednesday. resplendent active trading platform today swapping mim tokens is the decentralized exchange (dex) trader joe. similar to other decentralized stablecoin projects, magic internet money is issued by shopper of the lending etiquette abracadabra.money.
the ninth-largest stablecoin cap native to liquidity usd (lusd) is around $658 million today and uniswap v3 is the stablecoin’s most active exchange. lusd is issued together liquity etiquette which is another decentralized finance (defi) lending etiquette. there’s also the defi stablecoin project called fei which issues a stablecoin called fei, like the algorithmic stablecoin dai. big board cap of fei on wednesday is $543 million and it commands $79 million in 24-excuses fun volume.
the aforementioned decentralized or algorithmic stablecoins that are not backed by a cortege providing audits and are produced together crypto community unfettered, represent 8.95% of today’s stablecoin market cap. that’s only $12 billion of the $134 billion worth of stablecoins fad today. in the interim and for quite some time, it is very probable that centralized competitors like usdc and usdt will not be shifted. however, many of these algorithmic or defi-styled stablecoins have numbered top contenders saleable and made their mark without coincident backing and little controversy.
what do you rehash the stablecoin market today and the 8.95% of defi and algorithmic stablecoins loiter in the crypto economy later? certify us know what you rehash this subject in the comments sector below.
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