In the highly volatile crypto space, the stablecoin market has seen significant growth over the past week. Reports suggest that stablecoins have grown to a total market cap of $165,931,595,485, marking an over 1% weekly surge and a slight 0.14% daily surge.
Stablecoins are crypto assets pegged to stable assets like fiat currencies, gold, or other commodities. Backed by stable assets, the value of these tokens remains stable, becoming an alternative to highly volatile cryptocurrencies such as Bitcoin.
The top stablecoins include Tether (USDT), USDC, DAI, FDUSD, and USDD. Tether has secured the first position in stablecoins with a market cap of $114,075,708,352. The stablecoin has been stable at $1, with a 0% change over the last 24 hours. The 24-hour trading volume of the stablecoin, currently at $38.78B, has experienced a notable decline of over 35%.
USDC, a stablecoin issued by the blockchain platform Circle, is positioned second among the top stablecoins. Pegged to the dollar, USDC is currently valued at around $0.9999, with a 0% surge over the last day. The token boasts a market cap of $34,087,775,307 and a 24-hour trading volume of $3,814,172,113.
On the third spot is DAI, a stablecoin built on the Ethereum blockchain. Pegged to the US dollar, the stablecoin boasts a market cap of $5,348,124,972. Over the last 24 hours, DAI has seen a huge dip in its trading volume, currently at $47 million, down 66%.
Launched by the Hong Kong-based First Digital Labs in 2023, First Digital USD, or simply FDUSD, is a stablecoin backed by USD. With a market cap of $1,988,992,378, FDUSD is positioned 4th among the top stablecoins. The notable plummet in its trading activity is showcased by a decrease of 45% in the volume, at $2,236,243,559.The fifth-largest stablecoin by market cap is USDD, a dollar-pegged algorithmic stablecoin issued by Tron DAO. The stablecoin holds a market cap of $740,134,481 and a 24-hour trading volume of $4,418,627.
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