What is the market cap of stablecoins in 2023?

As of January 31, 2023, the total stablecoins market cap is $138.4 billion. The total stablecoins market cap shrank by $29.5 billion from January 2022, while USD Coin (USDC) and Binance USD (BUSD) gained market share.

Is the USD Coin a stablecoin?

There has been quite a bit of press recently around the launch of the USD Coin which is a stablecoin that is a collaberation between Circle and Coinbase. The stablecoin market is one of the most interesting ecosystems in the cryptocurrency space at the moment.

Does the stablecoin market have a dominance?

However, the stablecoins market has actually gained dominance over the period. Stablecoin dominance grew by 5.6 percentage points, from 7.3% in January 2022 to 12.9% market share of the total crypto market cap as of January 31, 2023.

Is USDT a stablecoin?

According to Di Bartolomeo, USDT is also "not as transparent" as another coin on this list, USD Coin, and has lost market share. Regardless, USDT's market cap is more than triple its December 2020 level. Di Bartolomeo calls USDC "the best stablecoin in the market right now in terms of integrity and transparency."