Since the past few quarters, the stablecoin market has seen many unusual spikes, and as of writing, the cap was $234 billion. Nowadays, compared to Altcoin and memecoin, stablecoins are used more, with the highest trading volume.
According to Lookonchain’s X post of January 19, 2025, the two largest stablecoins of the market have minted millions of coins over the Tron and Solana chain.
The post reads that $1.25 billion value has been added to the mart in the past 24 hours, with USDT minting $1 billion value of Tether’s on Tron Network, and its competitor has reportedly minted 250 million USDCs on the SOL chain.
USDT 4 steps ahead of USDC in volume and usage
When writing, the trading volume of USDT was $80.76 billion with a surge of 4.52%, and USDC had a trading volume of $7.76 billion with a surge of roughly 8%. It is worth noting that USDT/BTC is one of the most traded pairs of Tether, and USDC/USDT is the highest-traded pair of USDC.
Stablecoins are defined as blockchain-based products that are usually pegged to any real-world commodity in the ratio of 1:1. There are several types of stablecoins, including dollar-pegged, commodity-pegged, crypto-pegged, and algorithm-based stablecoins.
Nowadays, stablecoins are majorly used as swap currencies, which means when a user wants to buy Bitcoin, they will 1st buy a stablecoin like USDT and USDC and then use that coin instead of traditional currency to buy BTC.
According to the data from Etherscan, the total supply of USDT is $141,714,137,223, and the total number of holders is 6,854,658, at the same time, its supply on Solana was 2,039,934,879.
In the past few months, both USDT and USDC have minted billions of coins following the surge in usage of cryptocurrencies.
USDT stands at the top of the list among all stablecoins; it has a market capitalization of $141.71 billion, followed by USDC, DAI, Usual USD, and a few others. Basic Cash has the lowest market cap of $81,900, followed by IDRX, Empty Set Dollar, Prisma mkUSD, and Edelcoin.
The collapse of crypto projects, like Terra Luna, FTX, and a few others, is still termed as the main cause of the stablecoin market’s decline in the latter part of 2022 and into the middle of 2023.
On January 31, 2025, Todayq reported that the stablecoin USDT is soon expected to begin its operation over the Bitcoin Lightning Network to cater to broader masses.
