In the latest Real World Asset Report of 2024, the dominance of USD-pegged stablecoins in the crypto market has been underscored, solidifying their position as the primary choice for real-world asset (RWA) adoption within the digital economy.
USD-pegged stablecoins reign supreme
The report highlights the overwhelming presence of stablecoins pegged to the US dollar, with Tether (USDT) emerging as the frontrunner with a substantial market capitalization of $96.1 billion. Following closely are USDC with $26.8 billion and Dai at $4.9 billion. Tether maintains an impressive 71.4% market share, reinforcing its stronghold within the space. Despite a brief setback during the US banking crisis of March 2023, USDC continues to compete but struggles to reclaim its lost ground.
While USD-pegged stablecoins dominate the market, the report reveals minimal diversification beyond them. Alternative fiat-backed stablecoins, such as Euro Tether (EURT), CNH Tether (CNHT), Mexican Peso Tether (MXNT), EURC (EURC), Stasis Euro (EURS), and BiLira (TRYB), collectively constitute only 1% of the market share. This underscores the strong preference for USD-pegged stablecoins among investors and users.
The resurgence of stablecoin market
The stable asset market capitalization trajectory over the years depicts a notable resurgence. Beginning at $5.2 billion in 2020, the stablecoin market witnessed a remarkable peak of $150.1 billion in March 2022, followed by a decline amidst market fluctuations. However, 2024 marks a resurgence, with stablecoin market capitalization experiencing a 4.9% growth from $128.2 billion at the start of the year to $134.6 billion as of February 1st.
Real World Asset Report of 2024 underscores the dominance of USD-pegged stablecoins in the crypto market, with Tether leading the pack. Despite efforts by alternative fiat-backed stablecoins to diversify the market, USD-pegged stablecoins maintain their stronghold. The resurgence of the stablecoin market in 2024 further solidifies its position as a preferred choice for investors and users alike.
As the digital economy continues to evolve, stablecoins pegged to the US dollar are poised to remain at the forefront of RWA adoption, driving innovation and stability in the cryptocurrency landscape.
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