Stable Currency Dominates Cryptocurrency Market

02/14/2023 03:40 • Blockchain Buzz • 156 views

On February 14, according to the data of The TIE and CoinGecko, the total market value of stable currency is about 138.5 billion US dollars, Tether’s market share is 49.39%, USDC is 29.76%, and BUSD is 11.63%.

Data: At present, the total market value of stable currency is about 138.5 billion US dollars

Interpret the above information:

The cryptocurrency market has seen a significant shift in recent years with the rise of stable currencies. Stable currencies, also known as stablecoins, are digital currencies that are pegged to the value of a real-world asset, such as the US dollar. These currencies aim to alleviate the volatility of traditional cryptocurrencies such as Bitcoin and Ethereum, which can fluctuate drastically in value within a short period.

According to data from The TIE and CoinGecko, as of February 14, the total market value of stable currency is approximately 138.5 billion US dollars. Tether, which has long been the most popular stablecoin in the market, dominates the market share with a whopping 49.39%. The second most popular stablecoin is USDC, which stands at 29.76%, while BUSD takes up 11.63%.

This data shows that stable currencies have emerged as a viable alternative to traditional cryptocurrencies. Investors are now seeking stability with their cryptocurrency investments, and stablecoins provide a promising solution. Moreover, stable currencies bridge the gap between traditional finance and cryptocurrency by providing a more stable and accessible form of digital currency.

Tether’s dominance in the stable currency market can be attributed to the fact that it was the first stablecoin to launch in the market, and it has since established partnerships with several leading cryptocurrency exchanges, including Binance and Bitfinex. USDC, on the other hand, is backed by Coinbase, one of the world’s leading cryptocurrency exchanges. BUSD, launched by Binance, has also gained significant popularity, thanks to its low transaction fees.

As more stable currencies enter the market, the dominance of Tether could be challenged. However, the stability and reliability of Tether’s US dollar peg have made it a go-to for many investors seeking a safe haven during market downturns. Moreover, Tether has controversially been accused of not having the backing it claims to have, which has caused some controversy and concern.

In conclusion, stable currencies have become an essential part of the cryptocurrency market. The dominance of Tether and the popularity of USDC and BUSD show that investors are increasingly attracted to the stability and accessibility that stablecoins provide. As more stable currencies enter the market, we can expect to see further diversification and innovation in this space.

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Stable Currency Dominates Cryptocurrency Market

Data: At present, the total market value of stable currency is about 138.5 billion US dollars

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