The total market value of stablecoins exceeded 10 billion US dollars for the first time, and USDT still ranked first

Editor's Note: This article comes fromBabbitt Information (ID: bitcoin8btc)Editor's Note: This article comes from

Babbitt Information (ID: bitcoin8btc)

Babbitt Information (ID: bitcoin8btc)

, Author: Celia Wan, Compiler: Wendy, published with authorization.

The total stablecoin supply hit an all-time high of $10.4 billion on Tuesday, surpassing the $10 billion mark for the first time.

Tether still dominates stablecoins with an 85% market share and a total supply of over $8.8 billion. USDC ranks second with a 7.2% market share.

The supply of stablecoins has risen sharply in 2020, surging 79% since early February. At the same time as the overall growth, Tether's market value in the stable currency market has also increased from 82% in early February to nearly 85%.

Almost every exchange offers USD or Bitcoin trading pairs for cryptocurrency trading. Altcoin traders tend to trade using Bitcoin or Ethereum. In the past two years, this trend has changed significantly, and now they are using more stable coins.

Compared with Bitcoin, the advantage of USD stablecoin is that its price is relatively stable.

Cryptocurrency analyst Aditya Das stated:

“Stablecoin base trading pairs have always had an advantage over Bitcoin due to their price stability. Stability means traders are safer holding and using it as a liquidity tool for trading.”

Demand for stablecoins in the cryptocurrency spot market has also affected derivatives. BitMEX, for example, is acutely aware of changing market demand for trading products denominated in more stable currencies.

Earlier this year, BitMEX launched two new futures products: XRPUSD perpetual contracts and ETHUSD futures products.