The total supply of dollar-pegged stablecoins has risen past the $100 billion mark, according to The Block’s Data Dashboard.
At the time of writing, the total supply of stablecoins stands at $100.33 billion. Most of that growth has been driven by the two largest stablecoins: Tether’s USDT and the Centre consortium’s USD Coin (USDC).
Tether has a 62% market share, while USDC has a 21% share, although USDC’s market share has been increasing at a faster clip in recent weeks. Late last year, USDC’s market share was less than 10%.
Most of the stablecoin growth has happened in recent months as can be seen from the charts above. At the beginning of this year, for instance, the total supply of stablecoins was only around $30 billion.
The sharp growth in stablecoins suggests that crypto market participants are increasingly deploying funds, including in areas such as derivatives and decentralized finance (DeFi). Derivatives traders often use stablecoins for collateral, whereas DeFi users
