On Wednesday, October 13, 2021, the market 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 great number of decentralized stablecoins have been moving in on these centralized competitors. Algorithmic or defi-styled stablecoin market caps have accrued billions of dollars this past year.
While Tether and USD Coin Eclipse the Market, Algorithmic Defi Stablecoins Still Shine
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 belong to tether and usd coin as USDT has a market cap of around $70.9 billion and USDC commands $33.3 billion.
Despite controversial discussions concerning the backings of…