According to CoinGecko's latest stable coin stats... Tether has increased in market cap from $79 BN to $104BN over the last 12 months.
At the same time USDC, the second closest contender has dipped and then climbed its way back up to $32 billioN.
The other top three are almost nowhere with DAI staying level at $5BN, FRAX almost having to $650 million and USDD staying level at $700M
Tether's market dominance of stable coins is now 70%, down from a peak of 74% at the beginning of the year.
| COIN | April 2023 | March 2024 |
|---|---|---|
| Tether | $79B | $104B |
| USDC | $32B | $32B |
| DAI | $5B | $5B |
| FRAX | $1B | $650M |
| USDD | $700M | $700M |
Two Newcomers to the Top 10...
- First Digital USD - $2.5BN - launchd in June 2023.
- Ethena USDe - $1.5BN - launched February 2024.
These are now 4th and 5th by market cap respectively and quite different beasts, the former is a centralised stable coin issued by a financial company, the later is the stable coin of a bond based Ethereum DEFI protocol.
Personally I don't trust either!
The Young Pretenders...
I also noticed the PayPal coin sneaking into the top coins there, I think that might grow, also TOR I have never heard of!
And surprisingly Terra Classic USD is still there, presumably people can't bring themselves to offload what they've got left!
And HBDs...
Nowhere to be seen! According to @arcange's February stats...
We've got $10M liquid and $35 if we include what's in the DHF and the potential to support $40M HBDs at a 20% debt ratio with Hive at around $0.50 at current Hive supply of 400M.
So still in the orders of 10s of Millions, not 100s.
I guess the fun and optimistic way to look at this is this...
If we were to get 400M HBDs into circulation and honour that 20% debt ratio (which I may or may not have made up..? then Hive would need to be around $5.
That's all entirely hypothetical, but I'd take that!