Last year, a majority of crypto assets reached all-time high (ATH) prices as current data highlights the significant growth of the crypto economy in 2021.
Moreover, fiat-pegged tokens, also known as stablecoins, have seen massive growth as decentralized protocols and centralized custodians have issued billions of tokens since last year.
For example, as of January 11, 2021, tether’s (USDT) market cap was $24.4 billion and it has seen a 221.31% growth since last year.
On the same day last year, the second-largest stablecoin asset, Usd coin (USDC), had a market cap of $4.4 billion. Today, USDC’s market cap has seen an increase of 897.72% and is at $43.9 billion
Binance (BUSD) issued a stablecoin which had a market cap of $1 billion a year ago and now it’s at $14 billion, recording a 1,300% increase this past year.
Terra’s stablecoin UST has a market valuation of $10.5 billion but as of January 11 last year, it had a market cap of $138 million on January 11, 2021, and today the market cap is $10.5 billion.
Makerdao’s DAI token from $1.3 billion surged to $9 billion recording a growth of 592.30% over the last year. Magic Internet Money(MIM), is not even a year old but it is the 6th largest stablecoin in existence.
MIM started issuance with $5.4 million sometime in September 2021 and today, MIM’s market cap is valued at $4.6 billion.
Furthermore, the market cap of the stablecoin frax (FRAX), was only $92 million as of last year, but as of today, it is currently at $2 billion.
With the above analysis, it is safe to say the dollar-pegged token market caps that saw enormous growth over the course of last year have seen even more gains in their market cap more than traditional crypto assets like ethereum or bitcoin.
The entire crypto economy is worth over $2 trillion and as it stands, stablecoins represent 8.24% of that total. The global trade volume of stablecoin during the last 24 hours dangled around $72.6 billion, which is about 61.94% of today’s volume across the entire crypto economy which is worth $117.2 billion.
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