Combined market capitalization of 28 stablecoins surpasses $20B

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2020 has been the year of stablecoins, as the token supply has doubled in only 90 days. The aggregate market capitalization of 28 stablecoins is over $20 billion on October 4, 2020. While tether still dominates the stablecoin ranks, USDC has been moving closer toward the top ten crypto coins. USDC is also the only stablecoin with market cap more than $1 billion other than tether.
Quite a bit of money has flown into the stablecoin economy in 2020 and just recently all the stablecoins in existence captured a $20 billion market capitalization. In other words all the fiat-pegged tokens are worth more than 6% of the aggregate $328 billion market cap.
The combined stablecoin dominance is larger than most of the top virtual currency valuations and tether (USDT) captures over 4% of the cumulative total.
Tether’s market capitalization is still a whopping $15.58 billion and USDT is capturing more trade volume than bitcoin. Statistics from’s screener indicates the 24-hour “real volume” for BTC is $649,647,952 today, while USDT commands $1,641,069,819 in trade volume.
Despite Tether’s dominance, USDC is the only stablecoin, besides tether (USDT), with over a billion-dollar ($2.6B) market capitalization. However, Makerdao’s issued DAI stablecoin has been slowly closing toward the $1 billion mark, with a current valuation of $874 million on Sunday morning (EST).
Circle’s USDC stablecoin just captures the 12th largest market cap, right below BSV and just above EOS. If the token’s market valuation grows more, it will be the second dollar-pegged coin to make it into the top ten list.
On Sunday, October 4, 2020, USDC data indicates reported volume is about $330 million, but’s “real volume” stats indicate USDC trades only capture $75 million. DAI’s “real volume” is around $15 million, but reported volume is approximately $70 million.
Coingecko’s stablecoin index shows there’s more than $25 billion in stablecoin trade volume today globally, among the 28 stablecoin tokens listed on the website. The statistics show a fiat-pegged token that had lost its peg or is currently considered underwater. For example, Nubits (USNBT) was supposed to hold value at $1 but is trading for $0.23 today.
Piedao USD is also below a dollar as well, as the token diversifies USD positions among different Ethereum-based representations of USD, such as DAI, USDC, TUSD. Moreover, the 28 stablecoin list today has other international fiat currencies represented besides USD.
A few examples include status euro (EURS), Bitcny (BITCNY), Binance GBP (BGBP), and Binance KRW (BKRW). U.S. dollar-based stablecoins represent 67.86% of all the fiat-pegged tokens.
Only one non-USD stablecoin is avalable within the list of top ten stablecoin tokens. Status euro (EURS) currently holds the 9th position with $505k in 24-hour trade volume and a $37 million market capitalization.

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