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An Overview of Mainstream Crypto Stablecoins: USDT Dominates with Over 60% Market Share, "Tokenized Gold" Market Cap on the Rise
BlockBeats reports that on June 11, the recent IPO listing of stablecoin USDC issuer Circle in the U.S. has once again sparked market interest in the stablecoin sector. Below is an overview of the current mainstream crypto stablecoins:
USDT is issued by Tether Limited, a subsidiary of iFinex. Collateral types include U.S. dollar cash and short-term U.S. Treasury bonds, with a current market capitalization of approximately $155.2 billion;
USDC is issued by Circle, which was initially co-managed with Coinbase but is now fully managed by Circle. Collateral types include cash and short-term U.S. Treasury bonds, with a current market capitalization of approximately $60.9 billion;
USD1 is launched by WLFI, a crypto project by the Trump family. The collateral type is short-term U.S. Treasury bonds, with a current market capitalization of approximately $2.2 billion;
FDUSD is issued by Hong Kong-based First Digital, boasting high compliance and primarily catering to the Asian market. Collateral types include U.S. dollar cash and equivalents, with a current market capitalization of approximately $1.5 billion;
PYUSD is initiated by payment giant PayPal, with issuance and custody handled by Paxos Trust Company, approved by NYDFS. Collateral types include U.S. dollar deposits, short-term U.S. Treasury bonds, and similar cash equivalents, with a current market capitalization of approximately $1 billion;
Other U.S. dollar stablecoins with a market cap of less than $1 billion include TUSD, RLUSD, USDP, among others. Additionally, Tether and Paxos have each issued gold-backed tokens, XAUT and PAXG, where each token represents one ounce of London gold. The respective market capitalizations are approximately $830 million and $1 billion.
