📝 Editor’s Note:
On a red hot week for crypto prices, welcome to part one of a two-part series covering stablecoins. While most stablecoin holders likely wished they were holding non-pegged tokens, this was arguably a good week for the less-volatile digital assets as well.
Case in point, the payments giant Stripe announced Stablecoin Financial Accounts, which allows people in over 100 countries to easily set up an account which sends and receives stablecoins. News also hit that Meta, is exploring integrating stablecoins into its platforms.
It wasn't all positive this week for stablecoins however — in the U.S. the GENIUS act, a bipartisan bill which would clarify the law surrounding dollar-pegged assets, did not pass the Senate.
Still, according to the onchain data, stablecoin supply is marching slowly upward, now moving well-past a collective $230B market capitalization, according to CoinGecko. For context, that's just over 1% of the $21T current M2 supply of dollars, according to FRED.
99% to go. Let's get into it.
– ON Editorial Team
Stablecoins Pt. 1 💰
USDT | USDS | EURe | USR
👥 Token Terminal Research | Dashboard
📈 Stablecoins' Growth Continues to Accrue to the Benefit of Leading Issuers and Networks
As an asset class, stablecoins outgrew cryptoassets over the past year. The stablecoin market cap is up 44.76%, while the cryptoasset market cap is up 24.13% from a year ago. Further, the chart below shows that the stablecoin market cap growth was achieved with meaningfully lower volatility compared cryptoassets.
As a category, stablecoin holders have grown the most in the $100B+ asset peer group since the start of the year. The stablecoin holder count is up 16.71%, while ETH and BTC holder counts are up 6.27% and 1.71%, respectively, since the start of the year.
