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As of September 2024, the market capitalization of stablecoins remains a significant portion of the broader cryptocurrency market, representing about 8.2% of the total crypto market cap. The combined market cap of fiat-backed stablecoins reached $161.2 billion, although this is still below the all-time high of $181.7 billion from 2021.
The dominant players remain Tether (USDT), USD Coin (USDC), and DAI, which together account for the majority of stablecoin usage and holdings, with USDT leading the pack in terms of wallet addresses and adoption. However, despite their prominence, stablecoins often face challenges maintaining their peg to the US dollar during times of market uncertainty, particularly newer or algorithmically-backed ones.
Some notable developments include PayPal’s stablecoin (PYUSD), which now holds a market cap of $772 million, and USDD, maintaining a peg close to $1 with a market cap of $733 million.
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