Today, three stablecoins now command a position in the top ten largest cryptocurrency market capitalizations.
While tether and usd coin have been in the top ten for quite some time, Terra’s UST is now holding the top ten spot since the crypto economy’s market conditions turned red. Another fundamental that pushed UST higher is the fact that the algorithmic stablecoin’s market valuation expanded by 12.3% over the last 30 days.
It is the first time in crypto history that three stablecoin market valuations have existed in the top ten market cap positions. There hasnt been another time when three stablecoins command a top ten position and fiat-pegged tokens have been a prominent force in the crypto ecosystem. Tether has a significantly large $83.3 billion market capitalization, which represents 4.78% of the entire crypto economy.
USDC has $48.7 billion market capitalization, which equates to 2.79% of the $1.7 trillion crypto economy. Terrausd has a valuation of around $18.76 billion and it represents 1.07% of the aggregate value of all 13,439 crypto assets combined.Between all three of the stablecoins in the top ten,
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