Stablecoins represent a significant part of the cryptocurrency ecosystem. Several of these assets have a higher market cap than most altcoins, although that is no fault of the stablecoin in question. Interestingly, the number of exchanges supporting specific pegged currencies and how that may correlate to their success is worth exploring further.
Tether (USDT)
Even though it seemed as if Tether was losing some traction among stablecoins, it remains the most successful pegged currency of them all. With over $67.5 billion in market cap and a trading volume of nearly $53 billion, there is no shortage of exposure to Tether. The USDT asset is also supported by 362 exchanges and trading platforms. Most of its trading volume comes from Binance, XT.com, and CITEX, although it is difficult to find an exchange without support for USDT.
USD Coin (USDC)
The rival to Tether is USD Coin, or USDC. Unfortunately, its circulating supply has been on a downward trend for some time now, bringing its market cap down in the process. Even so, USDC still represents $53.4 billion in market cap and has a trading volume of $6.6 billion. Like USDT, it has ample support from exchanges, as the asset can be found on 333 different platforms. Trading-wise, USD Coin is primarily popular on Uniswap V3, Binance, Digifinex, and BitMart.
Binance USD (BUSD)
The native stablecoin of the Binance ecosystem has proven very successful. It is the third-largest pegged currency on the market and faces no immediate threat in market capitalization. Binance USD is valued at just over $18 billion, with a trading volume that is on par with USD Coin. However, it is only used on 125 exchanges, indicating its numbers would be much higher if more platforms supported it. Binance leads BUSD in trading volume, ahead of LBank, BitMart, and HitBTC.
Dai (DAI)
The native stablecoin of the Ethereum network has always been an intriguing creature. Although it is acquired through the MakerDAO protocol, DAI is trading freely on various platforms. In fact, it is found on 206 platforms – more than Binance USD – but its market cap remains somewhat stuck near $6.7 billion. It also has just over $610 million in daily trading volume, indicating it is not the first choice of most traders. That may be due to its algorithmic nature, although that is mere speculation. Dai is very popular on BitMart, Uniswap V3, XT.com, and HitBTC.
Frax (FRAX)
Most people would have expected TrueUSD (TUSD) to be the fifth-largest stablecoin by market cap. That is no longer the case, as the project continues to lose traction over time. Frax has claimed that spot thanks to its market cap of over $1.4 billion. Although $21.7 million in trading volume isn’t impressive, it is only supported on 34 exchanges. It will be interesting to see if that number changes over the coming months. People primarily use FRAX on Curve, TempleDAO, Fraxswap, and Uniswap V3.
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