{"id":327419,"date":"2023-07-14T20:00:47","date_gmt":"2023-07-14T14:30:47","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=327419"},"modified":"2023-07-14T13:31:49","modified_gmt":"2023-07-14T08:01:49","slug":"stablecoins-are-here-to-stay-but-lopsided-growth-wont-help","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/stablecoins-are-here-to-stay-but-lopsided-growth-wont-help\/","title":{"rendered":"Stablecoins are here to stay, but lopsided growth won&#8217;t help"},"content":{"rendered":"<ul>\n<li><em>Nearly 75% of all transactions on centralized crypto exchanges involved a stablecoin.<\/em><\/li>\n<li><em>The lopsided growth sparked concerns about weaknesses in the broader ecosystem.<\/em><\/li>\n<\/ul>\n<p>Stablecoins have proven to be a popular tool in the Web3 domain over the past few years. By combining the benefits of cryptocurrencies while maintaining a stable value, they have emerged as the holy grail for new-age financial investors.<\/p>\n<p>This unique ability has cemented stablecoins as the primary way for traders on non-fiat crypto exchanges to enter and exit trades, thereby acting as a bridge between traditional finance and crypto ecosystems.<\/p>\n<h4>Stablecoins increase their market share<\/h4>\n<p>According to a <a href=\"https:\/\/research.kaiko.com\/insights\/the-state-of-stablecoins\" target=\"_blank\" rel=\"noopener\">report<\/a> by digital assets data provider Kaiko dated 13 July, nearly 75% of all transactions on centralized crypto exchanges (CEX) involved a stablecoin.<\/p>\n<p>Although significantly down from the all-time highs seen in March earlier this year, the market share of stablecoins has increased by a sizable 10% since 2020.<\/p>\n<figure id=\"attachment_327422\" aria-describedby=\"caption-attachment-327422\" style=\"width: 1274px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Stables.webp\"><img decoding=\"async\" class=\"size-full wp-image-327422\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Stables.webp\" alt=\"\" width=\"1274\" height=\"690\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Stables.webp 1274w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Stables-300x162.webp 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Stables-1024x555.webp 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Stables-768x416.webp 768w\" sizes=\"(max-width: 1274px) 100vw, 1274px\" \/><\/a><figcaption id=\"caption-attachment-327422\" class=\"wp-caption-text\">Source: Kaiko<\/figcaption><\/figure>\n<p>While the dominance of fiat currencies on CEXs was clearly waning, the primary driver behind the surge in stablecoin volumes was Binance&#8217;s [BNB] zero-fee trading program introduced in July last year. As many as 13 spot trading pairs of Bitcoin [BTC] were exempted from exchange fees.<\/p>\n<p>As per an earlier report by Kaiko, zero-fee trade volume accounted for nearly 66% of total volume.<\/p>\n<p>However, as evident in the graph above, as soon as this promotion ended in March 2023, there was a sharp decline in the overall trading volume, and consequently stablecoins&#8217; market share.<\/p>\n<p>Nonetheless, the crypto market&#8217;s rebound in 2023 has put the spotlight back on these stable assets. The cumulative trade volume involving the big five &#8211; Tether [USDT], USD Coin [USDC], DAI, Binance USD [BUSD] and TrueUSD [TUSD], in 2023 &#8211; was greater than $3 trillion, as per the report.<\/p>\n<h4>Asymmetrical growth a cause for worry?<\/h4>\n<p>The largest stablecoin by market cap, USDT, enjoyed a massive 70% market share. While this mirrored USDT&#8217;s supremacy, the lopsided distribution highlighted concerns about the weaknesses in the broader stablecoin ecosystem.<\/p>\n<figure id=\"attachment_327427\" aria-describedby=\"caption-attachment-327427\" style=\"width: 1298px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Stablecoins-dominance.webp\"><img decoding=\"async\" class=\"size-full wp-image-327427\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Stablecoins-dominance.webp\" alt=\"\" width=\"1298\" height=\"698\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Stablecoins-dominance.webp 1298w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Stablecoins-dominance-300x161.webp 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Stablecoins-dominance-1024x551.webp 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Stablecoins-dominance-768x413.webp 768w\" sizes=\"(max-width: 1298px) 100vw, 1298px\" \/><\/a><figcaption id=\"caption-attachment-327427\" class=\"wp-caption-text\">Source: Kaiko<\/figcaption><\/figure>\n<p>Incidents of depeggings and regulatory clampdowns have stunted the growth of other stablecoins in the market.<\/p>\n<p>Earlier in February, Binance USD [BUSD] depegged from its dollar value. This happened following orders by a New York-based regulator, which instructed the issuing company Paxos to halt the minting of new tokens. Since then, about 75% of BUSD&#8217;s market share has been wiped out as of this writing.<\/p>\n<p>This was followed by the <a href=\"http:\/\/ambcrypto.com\/silicon-valley-bank-leaves-usdc-bleeding-will-it-impact-stablecoin-market\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">biggest depegging<\/a> of 2023 thus far when USD Coin [USDC], the second-largest stablecoin by market cap, dropped to a low of 87 cents from its ideal value of $1.<\/p>\n<p>The event caused mayhem in the market, severely impacting investors\u2019 portfolios. USDC&#8217;s market cap has shrunk by 37% since this fiasco.<\/p>\n<p>Moreover, the depeg resulted in a domino effect on the algorithmic stablecoin DAI as USDC formed the majority of its collateral reserves. DAI lost nearly $2 billion of its market value.<\/p>\n<figure id=\"attachment_327432\" aria-describedby=\"caption-attachment-327432\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_busd-market-cap-usdc-market-cap-usdt-market-cap-tusd-market-cap-dai-market-cap-1.png\"><img decoding=\"async\" class=\"size-full wp-image-327432\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_busd-market-cap-usdc-market-cap-usdt-market-cap-tusd-market-cap-dai-market-cap-1.png\" alt=\"\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_busd-market-cap-usdc-market-cap-usdt-market-cap-tusd-market-cap-dai-market-cap-1.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_busd-market-cap-usdc-market-cap-usdt-market-cap-tusd-market-cap-dai-market-cap-1-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_busd-market-cap-usdc-market-cap-usdt-market-cap-tusd-market-cap-dai-market-cap-1-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_busd-market-cap-usdc-market-cap-usdt-market-cap-tusd-market-cap-dai-market-cap-1-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_busd-market-cap-usdc-market-cap-usdt-market-cap-tusd-market-cap-dai-market-cap-1-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-327432\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<h4>The shining spots<\/h4>\n<p>Tether, on the other hand, grew from strength to strength and, despite minor hitches, maintained its shine in the stablecoin ecosystem. Its market valuation surged by 25% on a year-to-date (YTD) basis, as investors reposed their confidence amidst negative signals from rivals.<\/p>\n<p>Another success story has been that of TUSD. The stablecoin, propped up by Binance after the failure of BUSD, showed exciting results. TUSD&#8217;s market cap has more than tripled YTD and its market share has surged from 1% to 19%.<\/p>\n<p>The promotional tactic used by Binance to remove trading fees for its BTC-USD pair was a key factor in aiding this surge. After seeing encouraging results, Binance <a href=\"https:\/\/www.binance.com\/en\/support\/announcement\/binance-launches-tusd-zero-maker-fee-promotion-and-updates-fee-promotions-for-busd-usd-stablecoin-pairs-a376bf14673044e0a1fae8fe60cb0700\" target=\"_blank\" rel=\"noopener\">extended<\/a> this service to all TUSD spot trading pairs beginning 30 June.<\/p>\n<h4>CEX over DEX<\/h4>\n<p>Despite titanic events like FTX collapse and USDC depegging, decentralized exchanges (DEX) still accounted for a paltry, 5% of the total stableccoin trading volume, as per the report. While volumes did spike to 45% during the March banking crisis, it proved to be just an aberration.<\/p>\n<p>Higher liquidity, faster transaction times, and user-friendly interfaces lead traders to choose centralized exchanges over decentralized counterparts.<\/p>\n<figure id=\"attachment_327438\" aria-describedby=\"caption-attachment-327438\" style=\"width: 1284px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Stablecoins-DEX.webp\"><img decoding=\"async\" class=\"size-full wp-image-327438\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Stablecoins-DEX.webp\" alt=\"\" width=\"1284\" height=\"686\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Stablecoins-DEX.webp 1284w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Stablecoins-DEX-300x160.webp 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Stablecoins-DEX-1024x547.webp 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Stablecoins-DEX-768x410.webp 768w\" sizes=\"(max-width: 1284px) 100vw, 1284px\" \/><\/a><figcaption id=\"caption-attachment-327438\" class=\"wp-caption-text\">Source: Kaiko<\/figcaption><\/figure>\n<p>The growing relevance of stablecoins, especially USDT, was reflected in their <a href=\"http:\/\/ambcrypto.com\/the-story-of-how-usdt-rescued-russians-turks-amidst-economic-turmoil\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">growing demand<\/a> as a safe-haven asset in countries going through political and financial strife. However, countries like India have expressed strong reservations around its adoption.<\/p>\n<p>As per a report by <a href=\"https:\/\/www.thehindubusinessline.com\/money-and-banking\/stablecoins-pose-existential-threat-to-policy-sovereignty-cbdc-preferable-rbi\/article67068840.ece#:~:text=Stablecoins%20\">The Hindu,<\/a> the Deputy Governor of India&#8217;s central bank said that stablecoins are useful to only a few countries while in other cases they could have adverse impact on local currencies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although significantly down from all-time highs in March 2023, the market share of stablecoins has increased by 10% since 2020.\u00a0<\/p>\n","protected":false},"author":80,"featured_media":327420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-327419","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - 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