{"id":286998,"date":"2021-04-13T10:39:43","date_gmt":"2021-04-13T14:39:43","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=286998"},"modified":"2021-04-13T10:39:43","modified_gmt":"2021-04-13T14:39:43","slug":"93-of-entire-market-cap-for-stablecoins-from-usdc-busd-usdt","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/93-of-entire-market-cap-for-stablecoins-from-usdc-busd-usdt","title":{"rendered":"93% Of Entire Market Cap For Stablecoins From USDC, BUSD, USDT"},"content":{"rendered":"

Glassnode, one of the crypto space\u2019s go-to on-chain analytics providers, has recently published new research. Through this research, it was revealed that the top three stablecoins<\/a> the world has to offer, that is BUSD, USDC, and USDT, represent over 90% of the entire stablecoin space\u2019s market cap.<\/p>\n

Stablecoin Space Dominated By 3 Coins<\/h2>\n

The Tuesday report of Glassnode, dubbed \u201cThe Week On-chain<\/a>\u201d, showed that these three stablecoins have grown significantly throughout these past six months, and have come to represent over $60 billion in combined market capitalization. What this means is that a total of 92.75% of the entire stablecoin market is allocated to just these three coins.<\/p>\n

Six months ago, this was an entirely different case. These three stablecoins only had a combined market cap of $19.2 billion, around a third of its current levels. When you look at a year ago, that number is even less, with all three assets only managing $7 billion in combined market cap.<\/p>\n

Bitcoin And Stablecoins Grow In Tandem<\/h2>\n

The report itself made some comparisons between Bitcoin\u2019s growth in market cap and the growth of these stablecoins. According to the data provider, there has been a definitive correlation between both of these assets\u2019 growth. This same report highlighted that the supply of USDT has increasingly risen these past few weeks. This comes in contrast to Bitcoin, which has been trading sideways. Both BUSD and USDC have also slowed down in growth.<\/p>\n

\"Crypto<\/a><\/p>\n

The report went into further detail, making it clear that the Stablecoin Supply Ratio (SSR) metric has been reporting historic lows. This stands as the measurement between the relation of Bitcoin’s market cap and the total supply of stablecoins, which then estimates the global \u201cbuying power\u201d of the stablecoin sector, in turn.<\/p>\n

SSR Going Only Lower<\/h2>\n

To put it in another perspective, stablecoins can buy a larger amount of Bitcoin<\/a> with its supply if Bitcoin\u2019s price is low. The inverse is also true, that the buying power of stablecoins decreases as Bitcoin\u2019s price goes up, which subsequently lessens its influences on prices.<\/p>\n

Glassnode\u2019s final conclusions that the digitally native dollars have seen a relatively high amount of buying power throughout the years of 2020 and 2021. Another key note that was made was that the demand for Bitcoin and the demand for stablecoins have been keeping pace with each other, apparently.<\/p>\n

Since 2021\u2019s beginning, Tether saw its market cap double, in particular. As it stands now, the asset is at a record market cap of $45.6 billion, as per the transparency report. Circle reported a market cap of $11.5 billion in USDC, and BUSD is standing at $5.1 billion in supply.<\/p>\n","protected":false},"excerpt":{"rendered":"

Glassnode, one of the crypto space\u2019s go-to on-chain analytics providers, has recently published new research. Through this research, it was revealed that the top three […]<\/a><\/div>","protected":false},"author":1717,"featured_media":277192,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[7598,7599,8395,7893],"class_list":["post-286998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-crypto","tag-market","tag-stablecoins","tag-trading"],"acf":[],"yoast_head":"\n93% Of Entire Market Cap For Stablecoins From USDC, BUSD, USDT<\/title>\n<meta name=\"description\" content=\"These three stablecoins only had a combined market cap of $19.2 billion, around a third of its current levels.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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