The stablecoin market has evolved from a niche idea into a cornerstone of the crypto ecosystem, offering much-needed stability in a volatile industry.

Stablecoins have gained significant popularity, reshaping how individuals and businesses use digital currencies. For traders, understanding stablecoin trends and demand can provide profitable opportunities during market volatility.

To help you navigate this evolving space, we’ve compiled the latest trends, growth patterns, and key data points.

Stablecoin Market Capitalization & Market Share

As of September 2024, stablecoins have reached a total market capitalization of $172.8 billion, while the overall cryptocurrency market stands at $2.19 trillion. This gives stablecoins a 7.89% share of the total crypto market.

In March 2024, stablecoins had a market cap of approximately $147 billion. Since then, their market capitalization has surged by 17.55%, reflecting growing demand and adoption.

Number of Addresses Owning Stablecoin

In July 2024, reports indicated a 15% increase in addresses holding stablecoins throughout the year. By then, the total number of addresses owning stablecoins had reached 105.55 million.

As of September 2024, this number has surged further to 121.67 million. Of these, 19.70 million addresses have been actively engaging with stablecoins in September alone.

Fait-Based Stablecoin Holder Statistics

According to the September 2024 report, the top 10 stablecoins by market capitalization collectively have 8.7 million holders. The three largest—USDT (Tether), USDC, and DAI—comprise 97.1% of this total.

USDT leads the pack with over 5.8 million holders, 2.6 times higher than USDC. In contrast, the remaining eight stablecoins have fewer than a million holders, with DAI held by just over 505,000 wallets.

Market Cap of Commodity-Backed Stablecoins

As of August 2024, the market cap of commodity-backed stablecoins reached $1.3 billion.

Tether Gold (XAUT) and PAX Gold (PAXG) dominate this space, making up 78% of the market cap. Since 2020, the market cap for these stablecoins has grown 2,012 times, with an impressive 18.1% surge in 2024 alone.

Market Cap Of Fiat Pegged Currencies

During the 2020-2021 bull run, the market cap of the top 10 fiat-backed stablecoins grew from $5.0 billion to $181.7 billion in March 2022, reflecting a 3,121.7% increase.

While the market capitalization of the fiat-backed stablecoins suffered during the Terra collapse, since then, the fiat-pegged stablecoin market cap has grown 35.4%, reaching $161.2 billion in August 2024 from $119.1 billion in 2023.

As of September 2024, the market cap of Fiat-backed stablecoins stands at $172.19 billion.

Top 10 Stablecoins Based On Market Cap

Stablecoins Market Cap
Tether USDT $119.18 billion
USDC $35.86 billion
DAI $5.37 billion
FDUSD $2.94 billion
Athena USDe $2.59 billion
USDD $736.78 million
PYUSD $705.26 million
TUUSD $495.10 million
FRAX $649.12 million
Ondo US Dollar Yield $340.19 million

Tether (USDT) leads the stablecoin market with the largest share, holding approximately 68.98% of the total market cap.

Following Tether, USD Coin (USDC) accounts for around 20.75%, positioning it as the second most dominant stablecoin. DAI holds 3.11%, while FDUSD captures about 1.70% of the market.

Stablecoin Trading Volume Statistics

In February, the trading volume of stablecoins on centralized exchanges surged by 5.17% to reach $1.09 trillion, the highest level since December 2021.

Tether (USDT) led the market, reporting the highest trading volume. As of now, its 24-hour trading volume stands at $51.14 billion.

Total Market Cap of Stablecoins by Chain

By the end of January 2023, Ethereum led the stablecoin market with a 59.9% share, while Tron held 26.5%. Both networks saw significant growth, with Ethereum gaining 5.5% and Tron increasing by 5.6%.

Despite this, the total stablecoin market cap fell on most blockchains during this time. Tron stood out as an exception, showing a 2.1% increase in market cap between May 2022 and January 2023.

Stablecoin Transaction Volume Statistics 

From 2019 to 2024, the total transaction volume involving stablecoins has reached approximately $219.4 trillion, totaling 8.6 billion transactions.

As of September 2024, the transaction volume for stablecoins stands at $20.1 trillion, with 3.5 billion transactions recorded over the last 12 months.

First Stablecoin & Total Number of Stablecoins Now

BitUSD, launched in 2014, was the first crypto-backed stablecoin. Despite being an early mover, it failed to gain traction in the growing market of US dollar-backed stablecoins and ultimately lost out.

At the end of 2014, Tether (USDT) was introduced as the first US dollar-pegged stablecoin. Unlike BitUSD, Tether quickly became a dominant player due to its stability and widespread adoption in crypto markets.

As of April 2024, there are approximately 160 stablecoins in circulation, reflecting the growing demand for digital assets tied to traditional currencies like the US dollar.

More Stablecoin Statistics

1. As per the 2024 report, more than 75% of all decentralized finance (DeFi) transactions happen with stablecoins. (Source – riseworks.io)
2. By May 2024, more than 27.5 million people actively use stablecoins. (Source – riseworks.io)
3. The volume of stablecoins transactions has increased by 50% year-over-year. (Source – riseworks.io)
4. In June 2024, as significant exchanges delisted top stablecoins for European users due to the enforcement of MiCA regulations, USDC was the only stablecoin left unaffected. (Source – riseworks.io)
5. As of 2024, around 30% of global remittances are processed using stablecoins. (Source – riseworks.io)
6. More than 25% of businesses worldwide now accept stablecoins as a payment option. (Source – riseworks.io)
7. Stablecoins account for over 80% of the daily trading volume in the cryptocurrency market. (Source – riseworks.io)
8. As of 2024, an estimated 15% of e-commerce transactions are processed using stablecoins. (Source – riseworks.io)
9. The stablecoin market has been growing steadily in 2024, with a monthly increase of 3%. (Source – riseworks.io)
10. Liquidity pools for stablecoins on decentralized exchanges have surged by 40%. (Source – riseworks.io)
11. The total value locked in stablecoin lending platforms hit $52 billion in 2024, up 36% from $38 billion in 2023. (Source – riseworks.io)
12. The number of USDC wallets grew by 59% in 2023. (Source – riseworks.io)
13. In 2024, 80% of stablecoins follow at least one type of regulation, a noticeable increase from 60% in 2023. (Source – riseworks.io)
14. Stablecoin savings accounts now offer average yields of 6%, drawing in more traditional investors. (Source – riseworks.io)
15. In May 2022, stablecoins supplied roughly 45% of liquidity on decentralized exchanges (DEXes). (Source – ecb.europa.eu)
16. Over 90% of stablecoin transaction volume isn’t from genuine users, according to a new metric co-developed by Visa Inc. in 2024. (Source – economictimes.indiatimes.com)