Stablecoins on crypto exchanges surpass $10 billion

On March 28, the aggregate amount of stablecoins held on cryptocurrency exchanges surpassed $10 billion for the first time, according to data from analytics firm CryptoQuant.

All stablecoins holdings across all exchanges hit the all-time high, and now it’s $10B.

Chart 👉 https://t.co/An5Ec2530d pic.twitter.com/custw1MM4I

— CryptoQuant.com (@cryptoquant_com) March 29, 2021

According to CoinGecko, the total trading volume is $90.6 billion. The market capitalization of stablecoins is $62.9 billion. Therefore, exchanges hold nearly 16% of all issued coins.

On March 20, the market capitalization of USD Coin (USDC) surpassed the $10 billion mark. Its share of the total supply stands at 16.69%. The leader of the segment, Tether (USDT), accounts for 69.95%.

Earlier, the large French retailer Groupe Casino announced the launch of an euro-backed stablecoin Lugh (EURL) on the Tezos blockchain. According to journalist Gregory Raymond, the initial issuance will total 500,000 EURL.

What are stablecoins?

In March 2021, payment giant Visa and the cryptocurrency service Crypto.com launched a pilot program to integrate settlements in the stablecoin USDC.