- CoinGecko categorizes stablecoins according to their market capitalization.
- Tether (USDT) stands at the top in terms of market capitalization.
- Other stablecoins in the top five list include USDC, BUSD, DAI, and FRAX.
CoinGecko categorizes the top stablecoins in terms of their market capitalization. As per the recent data from the platform, Tether (USDT) is at the top with a market cap of $66,007,361,425. USDT is also listed on 365 exchanges and has a 24-hour volume of $38,462,582,388 at press time.
Second on the list is the USD Coin (USDC). USDC has a market cap of $45,044,222,364. It is also listed on 325 exchanges and has a 24-hour volume of $3,571,694,399. The 24-hour volume of USDT is nearly ten times that of USDC.
Binance’s stablecoin follows next, securing the third position on the list. Binance USD (BUSD) currently has a market cap of $18,811,744,646. BUSD is listed on over 130 exchanges and has a 24-hour volume of $11,170,840,819. Fourth on the list is DAI. DAI currently has a market cap of $5,165,152,179. It currently has a 24-hour trading volume of $326,435,085 and is listed on 197 exchanges.
The last one in the top five stablecoins by market cap is FRAX. FRAX has a market cap of $1,023,297,678 and a 24-hour trading volume of $12,953,161. According to CoinGecko data, FRAX is available for trading on 31 exchanges.
Ever since the fall of TerraUST, stablecoins have come under greater scrutiny. Stablecoins are normally pegged to the value of the dollar, pound, or euro. It is generally less volatile in nature as compared to other cryptocurrencies. There are hundreds of stablecoins out there, and users generally prefer to move to stablecoins in times of high volatility and market movements.