After Tether, USDC dominates stablecoins with a $452 million market cap

After Tether, USDC dominates stablecoins with a $452 million market cap

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

Graph showing the market capitalization for the main USD-backed stablecoin contenders
Graph showing the market capitalization for the main USD-backed stablecoin contenders. (Source: Skew)

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.

Graph showing the 24-hour trading volume for Skew’s main USD-backed stablecoin contenders
Graph showing the 24-hour trading volume for Skew’s main USD-backed stablecoin contenders. (Source: Skew)

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