Some proponents in the cryptocurrency market have stated that 2019 will be the year of stablecoins, this speculation evidenced by the number of recent updates and developments in the space. In a recent analysis by Skew Markets, it was shown that all the top stablecoins, including Tether, had seen significant increases in market caps over 2019.
USDC emerged as the winner, with respect to circulating market cap. Tether [USDT] was discounted from the census. USDC was followed by TrueUSD, PAX, DAI and GUSD. According to the research, it was found that USDC had a circulating supply of $342 million, after which came TUSD with a supply of $232 million. USDC was in the news recently after a report compiled by Grant Thornton claimed that USD Coin tokens did not exceed the balance of USD dollars held in custody accounts.
The report added,
“As of April 30, 2019 at 11:59 PM Pacific Time:
USD Coin (“USDC”) tokens issued and outstanding = 293,184,174 USDC US Dollars held in custody accounts = $293,351,374
As of the Report Date and Time, the issued and outstanding USDC tokens do not exceed the balance of the US Dollars held in custody accounts.”
The charts further informed users that prior to December 2018, TUSD had the lead in terms of market supply, followed by USDC, PAX, DAI and GUSD. At press time, TUSD held a market cap of 231.691 million, with a 24-hour volume of $161.593 million. Another major stablecoin was DAI, with a recent Maker Dao report recording that it had registered a growth rate of approximately 20 percent per month in 2019. According to the report,
“To date, 325 million Dai have been generated through the Maker Protocol. Of that, 243 million Dai have been repaid; the outstanding 82 million Dai are collateralized by roughly $433 million worth of Ether at the time of this writing.”
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