Stablecoins Economy Close To Reaching $200B Market Cap

The stablecoin economy is just about $10 billion away from reaching the $200 billion mark.

According to data released by CoinGecko, the stablecoin economy by market capitalization was at $189.61 billion Tuesday.

Stablecoins are cryptos designed to minimize volatility by pegging to a more stable asset. Fiat currency digital asset is the most popular use case for stablecoins. It tracks national currencies such as the US dollar, euro, and the British pound.

While the largest stablecoin by market valuation, Tether (USDT) swelled by 3.1% during the last 30 days to $82 billion, Terrausd (UST) has increased by 14.7% to $16.7 billion.

The second-largest stablecoin usdcoin (USDC) saw a decline over the last month dropping 3.4%. Binance USD also dropped during the last 30 days, losing 1.2% during the timeframe. The fourth-largest stablecoin, in terms of market capitalization, terrausd (UST) spiked by 14.7%.

Makerdao’s DAI is the fifth largest stablecoin Tuesday with $8.7 billion, but during the last 30 days, its market valuation slid by 6.6%. Meanwhile, the ninth-largest stablecoin Neutrino USD has zoomed 71.9% in the last 30 days. The national watchdogs have hinted time and again that they want to regulate stablecoins, which are different from other types of cryptos, including Bitcoin and Ethereum.