Top 5 Stablecoins by Market Capitalization
Leading Stablecoins by Market Cap
Stablecoins have become a crucial element in the cryptocurrency market, offering a stable value amidst volatility. CoinGecko ranks stablecoins based on market capitalization, providing insights into their prominence and trading activity.
Dominance of Tether (USDT)
Tether (USDT) holds the top position in the stablecoin market with a market cap of over $66 billion. USDT's trading volume is remarkable, with a 24-hour volume reaching approximately $38 billion. Its widespread availability across 365 exchanges underscores its dominance and liquidity in the market.
USD Coin (USDC) in Second Place
Following USDT, USD Coin (USDC) secures the second spot with a market cap of around $45 billion. Although its 24-hour trading volume is significantly lower than USDT's, USDC remains integral to the ecosystem, being listed on 325 exchanges.
Binance USD (BUSD) at Third
Binance's stablecoin, BUSD, ranks third, boasting a market capitalization of nearly $19 billion. Its 24-hour trading volume is approximately $11 billion, reflecting strong market engagement. BUSD is available on over 130 exchanges, highlighting its strategic significance in Binance's trading platform.
DAI's Position in the Market
DAI, a decentralized stablecoin, comes fourth with a market cap exceeding $5 billion. Its 24-hour trading volume is over $326 million, and it is traded on 197 exchanges, emphasizing its role in the decentralized finance (DeFi) space.
FRAX: A Growing Contender
Rounding out the top five, FRAX has a market cap of about $1 billion and a 24-hour trading volume of nearly $13 million. Available on 31 exchanges, FRAX is gaining traction in the stablecoin market, showcasing potential growth.
Understanding the dynamics of these top stablecoins is essential for navigating the crypto market, offering insights into their stability and liquidity.
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