Tether and USD Coin make up the majority of the overall stablecoin market, whilst algorithmic stablecoins are but a fraction of their size. Estimates are that Tether (USDT) alone - the most well-known stablecoin pegged to the U.S. dollar - makes up nearly half of the stablecoin market cap in June 2022. The top three of these digital assets are all connected to the performance of the U.S. dollar, with Dai (DAI) being pegged to a different cryptocurrency, its so-called governance token MKR or Maker. Algorithmic stablecoins - cryptocurrencies that do not use fiat currencies or other cryptocurrencies as their backing but instead rely on an algorithm to keep their price stable, similar to the design of TerraUSD (UST) and Terra (LUNA) - do not feature in the top five. FRAX combines elements of an algorithmic design but still contains a partial backing by collateral.
Distribution of the five largest stablecoin, based on market capitalization on June 21, 2022
The numbers provided have been calculated by Statista; Note that the overall stablecoin market is estimated at roughly 75 different coins, although definitions can vary between sources
Supplementary notes
Monthly figures are as of the end of that particular month.
The numbers provided have been calculated by Statista using the following stablecoins, in order of importance: Tether (USDT), USD Coin (USDC), Binance USD (BUSD), Dai (DAI), FRAX (FRAX), TrueUSD (TUSD), Pax Dollar (USDP), Neutrino Dollar (USDN), USDD (USDD), Fei USD (FEI), Magic Internet Money (MIM), Alchemix USD (ALUSD), Gemini Dollar (GUSD), HUSD (HUSD), Liquity USD (LUSD), Synthetix USD (SUSD), TerraUSD Classic (UST), Frax Share (FXS), DigitalBits (XDB), Celo Dollar (CUSD), Steem Dollars (SBD).
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Statista. (June 22, 2022). Distribution of the five largest stablecoin, based on market capitalization on June 21, 2022 [Graph]. In Statista. Retrieved November 13, 2024, from https://www-statista-com.ezproxy.canberra.edu.au/statistics/1316053/top-five-stablecoin-market-distribution/
Statista. "Distribution of the five largest stablecoin, based on market capitalization on June 21, 2022." Chart. June 22, 2022. Statista. Accessed November 13, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1316053/top-five-stablecoin-market-distribution/
Statista. (2022). Distribution of the five largest stablecoin, based on market capitalization on June 21, 2022. Statista. Statista Inc.. Accessed: November 13, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1316053/top-five-stablecoin-market-distribution/
Statista. "Distribution of The Five Largest Stablecoin, Based on Market Capitalization on June 21, 2022." Statista, Statista Inc., 22 Jun 2022, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1316053/top-five-stablecoin-market-distribution/
Statista, Distribution of the five largest stablecoin, based on market capitalization on June 21, 2022 Statista, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1316053/top-five-stablecoin-market-distribution/ (last visited November 13, 2024)
Distribution of the five largest stablecoin, based on market capitalization on June 21, 2022 [Graph], Statista, June 22, 2022. [Online]. Available: https://www-statista-com.ezproxy.canberra.edu.au/statistics/1316053/top-five-stablecoin-market-distribution/
