After Tether, USDC dominates stablecoins with a $452 million market cap 🚨 This article is 5 years old...
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After Tether, USDC dominates stablecoins with a $452 million market cap
2 min read
Updated: Jun. 23, 2023 at 10:44 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
USDC, a stablecoin developed by the Circle, is the second-largest USD-backed stablecoin on the market according to data from Skew. Launched in 2018, USDC currently has a market capitalization of over $452 million and is followed by PAX with $191 million and TUSD with a $140 million market cap.
Circle’s USDC a top performer among young stablecoins
Centralized cryptocurrencies have seen a massive rise in popularity in the past few years, a trend that is clearly illustrated in the growth the USD Coin has seen.
Created in 2018, the USD Coin (USDC) is a fully-collateralized stablecoin backed by U.S. dollars. The Ethereum-powered coin was created by the CENTRE, a consortium bootstrapped by contributions from blockchain company Circle and cryptocurrency exchange Coinbase.
While finding USDC on the CoinMarketCap list might take a while, as the coin is currently ranked 28th in terms of its market cap, it dominates the stablecoin market. Notwithstanding Tether, USDC is the largest stablecoin on the market, whose market cap outshines even the most hyped projects such as DAI.
According to data from Skew, which took a look at all of the stablecoins launched in 2018, USDC has a market cap of $452 million. While it’s a far cry from Tether’s (USDT) $4.6 billion market cap, it’s still more than two times larger than that of PAX.
USDC leaves other stablecoins behind in everything but trading volume
With a $191 million market cap, PAX is the second-largest stablecoin created in 2018, while True USD’s (TUSD) $140 million market cap put it in the third place. Decentralized stablecoin DAI has a much smaller part of the market with a capitalization of $118 million.
Binance’s own stablecoin, the NYDFS-approved BUSD, seems to be struggling with adoption with a market cap of only $74 million.
The smallest USD-backed stablecoin, however, is GUSD. Launched in 2018 by Winklevoss twins’ cryptocurrency platform Gemini, the stablecoin set out to combine the trustworthiness and price stability of the U.S. dollar with regulated blockchain technology. Its current market cap stands at only $3.8 million.
When it comes to trading volume, however, USDC ranks second with a $983 million 24-hour trading volume. The first place is currently occupied by PAX, which recorded a trading volume of $1.2 billion in the past 24 hours.
Mentioned in this article
USD Coin 
Gemini Dollar 
Tether 
Pax Dollar 
Binance USD 
Gemini ![Skew [acquired by Coinbase]](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2019/11/skew-logo.jpg&w=16&h=16&q=75){kind=logo}
Skew [acquired by Coinbase] 
Coinbase 
Circle 
CoinMarketCap 
Cameron Winklevoss 
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In this article
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Gemini Dollar
$0.99726
Gemini dollar (GUSD) combines the creditworthiness and price stability of the U.S.
Tether
$0.99960
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Pax Dollar
$1.00040
Pax Dollar (previously Paxos Standard) is a regulated crypto asset.
Binance USD
$1.00114
BUSD is a stablecoin issued by Paxos in partnership with Binance..
Gemini
Gemini is a regulated digital asset exchange and custodian that allows customers to buy, sell, store, and stake digital assets in a regulated, secure, and compliant manner.
![Skew [acquired by Coinbase]](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2019/11/skew-logo.jpg&w=100&h=100&q=75){kind=logo}
Skew [acquired by Coinbase]
Skew was founded in 2018 by two derivatives traders and is backed by leading international venture funds.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Circle
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets.
CoinMarketCap provides financial metrics and graphs for all cryptocurrencies found on coinmarketcap.com.
Cameron Winklevoss, a renowned figure in the cryptocurrency sector, is a Harvard University graduate with a degree in Economics and holds an MBA from Oxford University.