As of Wednesday, October 13, 2021, the market capitalization of all existing stable currencies is approximately $ 134 billion, which is 5.60% of the entire $ 2.4 trillion crypto economy. While the centralized stable project dominates the packet of dollar-pegged tokens, a large number of decentralized stable currencies are moving towards these centralized competitors. Algorithmic or defi-styled stablecoin market caps reached billions of dollars last year.
Although Tether and USD coins have taken over the market, algorithmic Defy Stablecoins still shine.
The Tether (USDT) is one of the oldest and largest stable currencies today in terms of market cap, while the second largest stable currency is the USD Currency (USDC). Data from Coingecko’s Stable-by-Market-Cap Metrics indicates that as of October 13, Stable Coin has সম্প 134 billion in assets. A large portion of these funds belong to the Tether and USD currencies because the USDT has a market cap of about $ 70.9 billion and the USDC $ 33.3 billion.
Despite controversial discussions about some support for this large stable coin market, they are market leaders in terms of dollar-pegged tokens. The USDT and USDC combined account for 77.61% of the $ 134 billion stable economy that exists today. However, decentralized competitors who support their own stable currency in a number of ways have begun to inflate their market caps.
For example, the Stable Coin DAI is the most popular decentralized Stable Coin and the asset is supported by over-collateralization through the Macardao Project. The Stable Coin DAI also indicates the fourth largest market valuation just under the BSD Stable Coin of Banyan. DAI’s market cap on October 13 saw 6.7 billion and crypto assets on Wednesday saw 24 343 million in 24-hour trade volume. DAI is considered an algorithmic stablecoin that is linked to the value of the US dollar.
Terra USD, Magic Internet Money, Liquidity USD, FEI McRadao’s algorithmic rises below stablecoin
Terra USD (UST) is an algorithmic stablecoin and its market cap is below DAI today with 2.7 billion. After UST, there is another decentralized stable coin called Magic Internet Money (MIM) which valued the market at 1.5 billion on Wednesday. The most active trading platform that is exchanging MIM tokens today is Decentralized Exchange (Dex) Trader Joe. Like other decentralized stabilization projects, the Magic Internet Finance nding protocol is issued by abracadabra.money users.
Liquidity is the ninth largest stable cap in the USD (LUSD) today at around 8 658 million and the Uniswap V3 is the most active exchange of stability. LUSD is issued by the Liquidity Protocol which is another decentralized meaning (define) nding protocol. There is a defi stabilcoin project called Fei that provides a stable coin called FEI, such as the algorithmic stabilcoin DAI. The FEI had a market cap of $ 543 million on Wednesday and এটি 79 million in 24-hour trade volume.
The aforementioned decentralized or algorithmic stable currency that is not supported by audit firms and is widely produced by the crypto community represents 8.95% of today’s stable market cap. Which is only $ 12 billion of the current $ 134 billion stable currency in circulation. For now and for some time to come, it is very likely that central competitors like USDC and USDT will not be displaced. However, many of these algorithmic or defi-styled stablecoins have become top competitors in the market and have made their mark without corporate support and little controversy.
What do you think about the recent progress in the crypto economy today with a stable coin market and 8.95% def and algorithmic stable currency? Let us know what you think about this in the comments section below.
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