Stablecoin Dominance Hits Lowest Since December 2021 Despite Record Monthly Supply.
Even though December had the greatest monthly supply addition since February 2022, the overall market cap domination of stablecoins dropped to 8.07%, marking the lowest market share since December 2021.
A CCData research report showed that in November, the overall market capitalization of stablecoins increased by 3.43% to $128 billion.
As of December 18, the asset class had already surpassed $129 billion, suggesting that the upward tendency would continue.
USDT Market Cap For the First Time Exceeds $90 Billion
December marked the first time that USDT's market capitalization exceeded $90.8 billion.
This accomplishment represents an all-time high for the stablecoin and the first time that a stablecoin has ever crossed the $90 billion market value threshold.
Additionally, this marks the fourth month in a row with an increase in market value of the most popular stablecoin.
At 70.2%, USDT has the greatest market share among the top 10 stablecoins since January 2021.
According to CCData researchers, the trading volume for USDT pairings on centralized exchanges hit $662 billion in November, the highest level since March 2023.
First Digital USD proved to be the most notable stablecoin for the month of December (FDUSD). As of December 18th, the market value of FDUSD increased by 92.6% to $1.63 billion, setting a new milestone for the stablecoin.
After USDT, USDC, Dai, and TrueUSD, this stablecoin has taken the place of BinanceUSD (BUSD) as the fifth-largest stablecoin for the first time.
Binance Removes BUSD Support
Binance declared this month that it will no longer support its stablecoin. The market capitalization of BUSD had decreased for 13 months running, reaching $1.47 billion in December.
Once accounting for around 36.4% of Binance's trading volume, the stablecoin has been steadily phased out in favor of TrueUSD and First Digital USD when the US SEC filed it with a Wells Notice in February. #BAKE #BTC #sol #COQ #BONK