Although there are multiple stablecoins that use the USD as a collateral, three of these digital assets were much bigger than the others. The main names that spring to mind regarding stablecoins, Tether, USD Coin, and Binance Coin are the main examples of collateralized stablecoins, or stablecoins that are entirely or near entirely backed up by a reserve asset. Stablecoins have often been associated with their close relation to "real-world" fiat currencies to achieve their price stability and assuring the digital asset's value, most notably the U.S. dollar. Tether, USD Coin, and Binance Coin all ranked among the top cryptocurrencies in the world in June 2022, for that reason. There are other assets, however, that can serve as the backing for a stablecoin.
Estimate of the market capitalization of fiat-backed stablecoin with a focus on the USD, from June 2017 to June 21, 2022
(in billion U.S. dollars)
No figures are available from before June 2017; The chart is interactive: Clicking on the coin names allows for filtering figures per individual stablecoin
Supplementary notes
* Technically, FRAX is only partially a USD-backed stablecoin as it also uses an algorithm for its backing. It has nevertheless been added to this statistic, due to its market size.
Monthly figures are as of the end of that particular month.
Figures have been rounded.
Note that due to changing exchange rates, the USD values as reported can change from day to the next. This also applies in retrospect.
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Statista. (June 22, 2022). Estimate of the market capitalization of fiat-backed stablecoin with a focus on the USD, from June 2017 to June 21, 2022 (in billion U.S. dollars) [Graph]. In Statista. Retrieved November 13, 2024, from https://www-statista-com.ezproxy.canberra.edu.au/statistics/1316079/usd-backed-stablecoin-market-value/
Statista. "Estimate of the market capitalization of fiat-backed stablecoin with a focus on the USD, from June 2017 to June 21, 2022 (in billion U.S. dollars)." Chart. June 22, 2022. Statista. Accessed November 13, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1316079/usd-backed-stablecoin-market-value/
Statista. (2022). Estimate of the market capitalization of fiat-backed stablecoin with a focus on the USD, from June 2017 to June 21, 2022 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: November 13, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1316079/usd-backed-stablecoin-market-value/
Statista. "Estimate of The Market Capitalization of Fiat-backed Stablecoin with a Focus on The Usd, from June 2017 to June 21, 2022 (in Billion U.S. Dollars)." Statista, Statista Inc., 22 Jun 2022, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1316079/usd-backed-stablecoin-market-value/
Statista, Estimate of the market capitalization of fiat-backed stablecoin with a focus on the USD, from June 2017 to June 21, 2022 (in billion U.S. dollars) Statista, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1316079/usd-backed-stablecoin-market-value/ (last visited November 13, 2024)
Estimate of the market capitalization of fiat-backed stablecoin with a focus on the USD, from June 2017 to June 21, 2022 (in billion U.S. dollars) [Graph], Statista, June 22, 2022. [Online]. Available: https://www-statista-com.ezproxy.canberra.edu.au/statistics/1316079/usd-backed-stablecoin-market-value/
