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The stable in stablecoins, Accessible Data
Figure 1. Market cap by stablecoin
Figure 1 shows the market capitalization of the five largest stablecoins since 2020, compared with all others aggregated. Tether is the largest, USD Circle the second, Binance USD the third as of November 14th, 2022. The x axis ranges from January 2021 to November 2022, the y axis ranges from zero to 200 billion dollars. Figure 1 shows also shows the rapid growth of such stablecoins between January 2021 and April 2022, going from substantially less than 50 billion dollars in January 2021 to just below 200 billion dollars in April 2022, to fall to 150 billion dollars by November 2022.
Source: DeFi Llama.
Figure 2. Stablecoin (LHS) and non-stablecoin prices (RHS)
Figure 2 shows the price of the two largest stablecoins, Tether and USDC, together with the price of Bitcoin and Ether between 2020 and November 14th, 2022. The x axis ranges from January 2021 to November 2022, the y axis ranges from 0.98 dollars to 1.02 dollars on the left and from zero to 80 thousand dollars on the right. The figure shows that the prices of Tether and USDC have experienced only small fluctuations relative to those of Bitcoin and Ether, as the first two varied barely above and below one dollar while the last two varied between 20 thousand dollars and almost 70 thousand dollars.
Note: Prices are the daily close price at 00:00 GMT.
Source: CryptoCompare.
Figure 3. Market cap by stabilization mechanism
Figure 3 shows the market capitalization of stablecoins partitioned by stabilization mechanism from since 2020. The x axis ranges from January 2021 to November 2022, the y axis ranges from zero to 200 billion dollars. Off-chain collateralized has the largest market cap throughout the entire period, reaching just below 150 billion dollars by November 2022. The second largest category is the on-chain collateralized stablecoins, whose market capitalization is a small fraction of the off-chain collateralized stablecoins, at about 10 billion dollars by November 2022. Finally, the smallest category is the algorithmic stablecoins, whose market capitalization is roughly half that of on-chain collateralized, so roughly 5 billion dollars by November 2022.
Source: DeFi Llama.