According to data compiled by CryptoRank, the total stablecoin supply exceeded $180 billion in February 2022. Despite the current volatile environment, the stablecoin supply has increased by $9.5 billion in the last 30 days.
Recently, the decline in the crypto money market has been among the frequently discussed topics. Amid this decline, interest in stablecoins continues to rise. Analyzing this interest, CryptoRank confirmed that the stablecoin supply has reached $180 billion.
Along with CryptoRank, Arcane Research also announced that stablecoins are growing faster than the rest of the market, with the total stablecoin supply approaching $200 billion. Arcane Research stated that if USDC continues its growth rates to 2022, it will become the largest stablecoin by market cap by the end of June this year, according to a tweet posted during the day.
According to data from Arcane Research, Tether (USDT) is the largest stablecoin with a 44% market share. It is followed by USD Coin (USDC) with 29% and Binance USD (BUSD) with 20%. The following statements were included in the report:
“USDC grew extremely fast in 2021 and maintained its strong growth rate of 20% in 2022. USDT’s growth has stagnated since summer 2021 and has only grown 1% so far in 2022. In our year-end report, we predicted that USDC would surpass the largest stablecoin position by 2022. If USDC and USDT continue to grow at similar rates through 2022, USDC will eventually become the largest stablecoin by market cap. June. Other fast-growing stablecoins are Terra UST (UST) and DAI, which recorded 19% and 9% growth in 2022. These are not fiat currencies but algorithmic stablecoins backed by the value of other cryptocurrencies.”
The report also included a statement by trader Byzantine General. Tether’s crypto market dominance has reached levels that indicate high fear, according to the trader.
Noticed something interesting.
Historically when tether dominance reaches 4.5% to 5% it marks a bottom on $BTC.
Seems like sentiment reaches peak fear around that level. pic.twitter.com/4RnHOTMEts
— Byzantine General (@ByzGeneral) February 21, 2022
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