Stablecoins have become a prominent payment method in the crypto world, valued at $177 billion today. The top 10 stablecoins by market cap account for the largest share of value in the fiat-pegged coinage economy, and many of these tokens have grown exponentially over the past year. Terra’s stablecoin UST is growing the fastest in 2021 (5,431%).

speed Growth of stablecoins in 2021

Currently, stablecoins make up 9.77% of the $1.8 trillion crypto economy, reaching $177 billion. While many digital assets have seen strong growth over the past year, the market valuation of stablecoins has also increased as issuance increased month-on-month.

USDT is the best stablecoin in terms of market cap ($78.3 billion), which accounts for 4.32% of the crypto economy’s total $1.8 trillion. On the other hand, in the $177 billion stablecoin economy, USDT dominates the segment with a 44.24% share.

above The 10 best stablecoins by market capitalization | Source: CoinGecko

On January 2, 2021, USDT had a market cap of around $21.2 billion, and on January 2, 2022, that number increased by 269.81% to $78.4 billion. USDC had a market cap of $4.1 billion as of January 1, 2021 and has grown by 936.58% to $42.5 billion about 12 months later.

The third largest BUSD stablecoin had a market valuation of around $1.07 billion in early 2021 and hit $14.4 billion on the first day of 2022, up 1,245.79 percent.

Terra’s stablecoin UST is up 5,431.22% in 12 months from $182.6 million on January 1, 2021 to $10.1 billion on the same day in 2022. MakerDAO’s DAI has increased by 641.66% from $1.02 billion to $8.9 billion over the same period.

Magic Internet Money (MIM) launched about 4 months ago and has a market cap of around $879 million. MIM grew 422.18% in 4 months to $4.59 billion on January 1, 2022.

Stablecoin FRAX had a market cap of $71 million on January 1, 2021 and hit $1.8 billion 12 months later, a massive 2,435.21% increase over 12 months. The eighth largest stablecoin, TUSD, is up 322.54% over the same period.

The market capitalization of TUSD was US$284 million last year and it reached US$1.2 billion on January 2, 2022. The Pax dollar (USDP) was valued at approximately $346 million on January 1, 2021 and $1 billion 12 months later, an increase of 189.02%.

Finally, the 10th largest FEI stablecoin had no market cap on January 1, 2021, but 9 months ago, on April 4, 2021, it hit $2.3 billion. FEI’s market cap shrank 66.08% to $780 million over the 12-month period.

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