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- Tether (USDT) holds a 71.4% market share, adopted by USDC and Dai.
- Non-USD stablecoins represent just one% of the market.
- Market cap surged from $5.2B in 2020 to $150.1B in 2022, with gradual progress since.
In a current revelation from the Actual World Asset Report of 2024, the crypto market witnesses a major dominance of USD-pegged stablecoins staying on the forefront of real-world asset (RWA) adoption throughout the digital economic system.
The report’s key findings recommend that majority of the RWA market is at the moment occupied by stablecoins pegged to the US greenback. Topping the charts are Tether (USDT), boasting a staggering $96.1 billion market capitalization, carefully trailed by USDC with $26.8 billion, and Dai at $4.9 billion.
Notably, Tether maintains a commanding 71.4% market share maintaining its place throughout the area. USDC nonetheless struggles to reclaim its misplaced floor following a quick de-pegging incident through the US banking disaster of March 2023.
Diving deeper into the panorama, the report unveils a stark actuality of minimal diversification past the USD-pegged stablecoins. Various fiat-backed stablecoins, akin to Euro Tether (EURT), CNH Tether (CNHT), Mexican Peso Tether (MXNT), EURC (EURC), Stasis Euro (EURS), and BiLira (TRYB), collectively represent a mere 1% of the market share.
Moreover, the report sheds mild on the trajectory of steady asset market capitalization through the years. From a modest $5.2 billion on the outset of 2020 the stablecoin market rose to an surprising $150.1 billion peak in March 2022, nonetheless, then declining amidst market fluctuations.
The yr 2024 marks a resurgence of the stablecoin witnessing a 4.9% progress in market cap from $128.2 billion on the inception of the yr to $134.6 billion as of February 1.
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