The top three stablecoins represent more than 90% of the sector’s entire market cap, according to a research from on-chain analytics provider, Glassnode.
There have been unique growth over the past six months to represent a combined capitalization of more than $6 billion equal to 92.75% of the stablecoin market. The aforementioned distinctive growth can be seen from the three main stablecoins, such as Tether (USDT), USD Coin (USDC) and Binance USD (BUSD), according to the report by Glassnode’s April 13 “Week On-chain” report
By contrast, six months ago the combined stablecoin capitalization for those three was less than one-third of its current levels at $19.2 billion. This time last year, stablecoins were worth just $7 billion combined.
The analysis compared the growth of stablecoins with Bitcoin’s market cap, identifying a clear correlation between the two. The report also found that USDT’s supply has continued to increase during recent weeks despite BTC trending sideways, whereas growth for USDC and BUSD has slowed.
The report notes historic lows for its Stablecoin Supply Ratio (SSR) metric, which measures Bitcoin’s market cap relative to the total stablecoin supply to estimate the global “buying power” of the stablecoin sector.