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The entire stablecoin market cap dominance fell to 8.07% in December, recording the lowest market share since December 2021, despite adding the largest monthly supply last month since February 2022.
The total market capitalization of stablecoins rose 3.43% to $128 billion in November, CCData research report revealed.
The upward trajectory appears set to continue, with the asset class already crossing $129 billion as of December 18.
USDT Market Cap Breaches $90 Billion for the First Time
The market capitalization of USDT rose to $90.8 billion in December for the first time.
This achievement marks an all-time high for the stablecoin, representing the first instance of any stablecoin crossing the $90 billion mark in market capitalization.
This also records the fourth consecutive month of increase in market capitalization of the leading stablecoin.
The market dominance of USDT among top 10 stablecoins is currently at 70.2%, the highest level since January 2021.
Trading volume for USDT pairs on centralized exchanges also reached $662 billion in November, the highest level recorded since March 2023, researchers at CCData revealed.
The standout stablecoin for the month of December turned out to be First Digital USD (FDUSD). The market capitalization of FDUSD rose 92.6% to $1.63 billion (as of Dec 18th), recording a new all-time high for the stablecoin.
This is the first time the stablecoin has replaced BinanceUSD (BUSD) as the fifth largest stablecoin, behind USDT, USDC, Dai and TrueUSD.
Binance Ends Support for BUSD
This month Binance announced to end support for its stablecoin Binance USD.
BUSD had recorded 13 consecutive months of decline in market cap, falling to $1.47 billion in December.
The stablecoin once accounted for nearly 36.4% of the trading volumes on Binance, however, it has been gradually phased out with replacements TrueUSD and First Digital USD, since being served with a Wells Notice from the US SEC in February.
The post Stablecoin Dominance Hits Lowest Since December 2021 Despite Record Monthly Supply appeared first on Cryptonews.
