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Stablecoins Market Cap Over $20 Billion With Tether Leading

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As CoinGecko reports, stablecoins market capitalization stood at $20,727,163,727. The success of the stablecoin industry is an indication of the growing crypto market in relation to the fiat currencies.

Stablecoins global market is another booming crypto industry beyond the DeFi ecosystem that has led the recent crypto volatility. According to figures provided by CoinGecko, stablecoins market capitalization stood at $20,727,163,727 at the time of writing with Tether (USDT) being the leader of the list. In addition, the total daily trading volume stood at $26,874,910,806. Notably, stablecoins are worth more than 6% of the aggregate $328 billion crypto market capitalization.

Media outlet, Bitcoin.com, noted that stablecoins’ supply has doubled in the past three months. This can largely be attributed to the growing interest in stable cryptocurrencies amid increased volatility in most digital assets. Moreover, the overall global crypto adoption has risen during the pandemic as people move away from fiat dependency to digital transactions.

Top Stablecoins with Tether Leading

According to CoinGecko metrics, Tether (USDT) was leading the stablecoin list with a market capitalization of $15,605,510,007. Notably, it had been listed by 311 crypto exchanges at the time of publication. In the past 30 days, Tether’s market cap had increased by 12.1%, whereby its daily trading volume stood at $25,977,049,711 at the time of writing. Not only was USDT doing well in the stablecoin industry but also in the overall cryptocurrency market, whereby it had been ranked position three by market capitalization according to figures provided by CoinMarketCap.

Second in the list of stablecoins according to market capitalization at the time of reporting was USDC. It had a market capitalization of $2,642,400,820, and had been listed by roughly 153 exchanges. Notably, its market capitalization had increased by approximately 59.9% in the past 30 days. Its daily trading volume stood at $357,161,699 according to CoinGecko.

To close the top three was Dai (DAI) with a market capitalization of approximately $870,584,557, and a daily trading volume of $70,759,626. Overall, DAI had been ranked at position 27 in terms of market capitalization. Other notable stablecoin projects include BUSD by Binance, whereby it has also developed BGBP pegged to the British pound.

On the Flipside

The success of the stablecoin industry is an indication of the growing crypto market in relation to the fiat currencies. It is expected that most governments will introduce digital currencies controlled by respective central banks, hence making the whole industry digital. As a result, stablecoins will receive a boost as they are less volatile in relation to other digital assets.

Notably, there are three types of stablecoins existing in the market today. One is the Fiat-collateralized stablecoins that maintain a fiat currency reserve, like the U.S. dollar, as collateral to issue a suitable number of crypto coins. The second is the crypto-collateralized stablecoins that are backed by other cryptocurrencies. And the last is the non-collateralized stablecoins that don’t use any reserve but include a working mechanism, like that of a central bank, to retain a stable price.

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Algorand (ALGO) price strengthens as institutional investors back the project

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Consolidation periods tend to follow strong rallies but they also present a good opportunity to survey the field and evaluate projects that have strong fundamentals.

One project that continues to gain traction in terms of price recovery and network adoption is Algorand (ALGO), a pure proof-of-stake (POS) blockchain network that has secured new partnerships and real-world use case applications, as well as support from multi-million-dollar funds in recent weeks.

Big funds invest in Algorand-based projects

Raising funds is one of the biggest challenges many projects face and in the last month the Algorand network announced that Arrington Capital, a digital asset manager, had pledged $100 million in funding meant to help accelerate additional development across all facets of the smart contract platform.

This development came on the heels of the June 2 announcement that Borderless Capital, a venture capital firm, had created a $25 million fund aimed at supporting Miami-based blockchain startups developing digital payment solutions on the Algorand network.

Related: Exodus Wallet raises almost $60M in crypto in regulated offering

New partnerships lure investors

A scroll through the Algorand Foundation Twitter feed shows a growing list of cryptocurrency projects across a variety of sectors that have joined up as part of the Algorand community to take advantage of the low fee, POS environment.

The nonfungible token (NFT) sector is showing some interest in the network following a partnership with Curate that will allow for the minting of NFTs as well as the release of a bridge by Curvegrid that will allow businesses to build NFT and blockchain technology into their business and consumer mobile applications.

Other recent examples of adoption include a partnership with the Bermuda-based MAPay healthcare payment solution, which will host its payment solution on Algorand blockchain in an effort to improve efficiency and reduce healthcare costs, as well as a partnership with Xfinite and Eros Now to create a blockchain-based content engagement platform for the 224 million registered users of Eros Now.

These new partnerships come after a busy year for the network which also included the integration of USD Coin (USDC) and Tether (USDT), the two largest stablecoins in the cryptocurrency ecosystem. 

The growing list of network partnerships and investments from players in traditional finance suggests that ALGO is well-positioned to see future growth as the blockchain sector sees continued adoption and the crypto market recovers from it recent sharp correction.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.