- Stablecoin market cap surpasses $7 billion
- Volumes rise above most trading pairs
- USD-backed tokens have risen as well
Cryptocurrency News Today – while the bulk of digital assets have suffered a tough period, stablecoins have surged since the end of the mid-March market downturn. USD-backed tokens like Tether (USDT) has posted more than a 70% rise in BTC trades on the day. Apart from Tether, a broad range of other USD-pegged cryptos have benefited this month as well. This comes at a time when the market valuation of no less than eight stablecoins combined has risen well over the $7 billion mark.
Volumes Rise Above Most Trading Pairs
Cryptos have seen better days when it comes to market values. On March 30, the overall valuation of the entire 5,000 plus digital currencies reached around $182 billion. At press time, over $7 billion from that figure represents at least eight stablecoins including USDC, USDT, PAX, TUSD, DAI, BUSD, GUSD, and HUSD.
The bulk of the $7 billion comes from USDT’s market cap, as Tether has reported over $6 billion in terms of liabilities. Data shows that the total digital assets under the Tether’s control have reached $6,141,809,416. There’s a slew of stablecoins that have smaller market caps. Although, they still have greater demand since mid-March began after the last market rout.
USD-backed tokens have risen as well
On March 30, USDT was commanding 70% of the trades. The increase in the demand for stablecoins has caused USDC and PAX to continued their stay among the top five BTC trading pairs around the globe. Both tokens are gathering 5% of BTC’s worldwide trades. They have both seen more in terms of trade volume than the USD. Ethereum’s stablecoin economy has expanded by at a staggering rate.
Per CoinMarketCap data, there is a $118 billion crypto trades record for Ethereum as of March 30, 2020. Meanwhile, BTC captures exactly $36 billion of the above-mentioned trades. USDT commands $44 billion. Messari’s data indicate that BTC is the leader in terms of “real volume” with $1.4 billion for worldwide trades to USDT posting $1.1 billion.
According to Messari’s data, USDT’s market cap is now larger than that of XRP at press time. USDT’s market cap currently stands at $5.8 billion meanwhile that of XRP is $5.1 billion. It is uncertain whether the Tether token is 22% higher in terms of volume than Bitcoin. However, USDT stats show that the coin’s volume is now on par with Bitcoins trade volume. Additionally, tokens like Pax and USDC, as well as stablecoins HUSD and BUSD have all seen an increase in their demand.