Stablecoins Now At $187 Billion, UST And USDN Volume On The Rise

There has been fast growth in the stablecoin economy, with a recent total of $187 billion, which is quite near the $200 billion thresholds. Stablecoins like Terra’s UST and Neutrino Protocol’s USDN are gaining popularity even as Tether remains the most widely used. They experienced a nearly 30% and a 44% rise in issuance in the previous month, respectively. In other words, if this trend continues, it will easily surpass $200 billion in the following months. Stablecoins Strong USD Backing Compared to other digital currencies, stablecoins are designed to be precisely that: stable. Some coins are tied to the US dollar, implying that each one is fully backed by a dollar’s worth of cash, Treasury securities, or other secure assets and may thus be redeemed at will. A tenth of all digital assets, including cryptocurrencies, are represented by these tokens. UST total market cap at $14.68 billion on the daily chart | Source: TradingView.com Related Article | Apple Co-Founder Steve Wozniak ‘Feels’ Bitcoin Will Be Worth $100,000 Tether At $80 Billion The largest stablecoin by market value, Tether has had its supply rise by 2% in the previous month and now stands at over $80 billion. The stablecoin market is dominated by USDT, with a 43.78% share. Furthermore, it is the third-largest cryptocurrency, behind Bitcoin and Ethereum, in terms of market valuation. Following Tether, we have USDC or the USD coin, which ...