Stable coins: Day1
$USDT / $USDC / $BUSD
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This week, we are looking at stable coins. We are first going to lay the context here and then we will dig into velocity, holders, and more throughout the week.
The total stable coin market is worth $112B with over 90% of that minted in the last year alone. $USDT, $USDC, $BUSD.
Ethereum is the largest market for stable coins and the top 3 stable coins make up $66B in market cap on the Ethereum chain alone. That is 60% of all stable coins in circulation throughout crypto and a 12x growth in the last year alone.
Drilling down into the top three Ethereum stable coins, $USDT dominates with 47% of the total market cap.
Only $31B of $USDT's $62B reside on Ethereum. The other half is spread throughout crypto making it one of the most usable stable coins across the ecosystem. Tether_to
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