As Bitcoin Drops Below $30k, Stablecoins Surpass $100 Billion In Total Supply

Bitcoin has dropped below the $30k mark, while stablecoins go strong as they surpass over $100 billion in total supply. Total Stablecoin Supply Is Now More Than $100 Billion According to a report by Arcane Research, the total stablecoin supply has now surpassed the $100 billion mark, while Tether’s dominance is declining. Here is a chart that shows the trend in the total supply and dominance of some popular coins: The stablecoins total supply as reached a new height There are a few interesting features in the graph. The total supply of these coins used to be only $11 billion in July of 2020, and now it seems to have risen $96 billion in the past 1 year, reaching about $107 billion today. Tether (USDT) dominated the stablecoins market back then, accounting for 83% of the total market. But today it has declined to just 58% of the supply. Related Reading | TA: Bitcoin Grinds Lower, Why BTC Bears Aim Larger Decline On the other hand, the second-placed coin, USDC, has seen sharp growth, and it now accounts for 25% of the market. Nonetheless, Tether is still the most dominant crypto in this sector. The company behind USDC, Circle, is currently in the process of going public with the help of a SPAC. In an investor presentation, the company revealed that they project USDC to rise to $83 billion by the end of 2022, and $194 billion by the end of 2023. Binance USD (BUSD) places third after having overtaken DAI a few months ba...