Ethereum ETH/USD is dominating the stablecoin market, with a 59.9% market share across all stablecoins as of the end of January 2023.
What Happened: According to CoinGecko’s latest report, coming in a close second is Tron TRX/USD, with a 26.5% market share across all stablecoins.
The report noted that across the top 5 chains, Ethereum and Tron both recorded significant growth in market share, with gains of 5.5% and 5.96% year-on-year (YoY) respectively.
In terms of absolute growth, stablecoins saw a decline across all chains except Tron, which saw a 2.1% gain from May 2022 to January 2023. The other chains reported double-digit losses, with Solana SOL/USD experiencing the most dramatic dip of 69.1% in the stablecoin market cap.
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Despite a drastic drop in the total crypto market cap, Stablecoins have grown in dominance by 5.6 percentage points, as per CoinGecko’s research.
The total crypto market cap, which was at $2.3 trillion in January 2022, ended at $1.1 trillion in January 2023.
By Jan. 31 this year, the total market share of stablecoins rose to 12.9% — a 5.6% increase from their 7.3% market share last year.
“Stablecoin dominance saw peaks of 17.8% twice, following the spectacular fallouts of the Terra ecosystem and now-defunct cryptocurrency exchange FTX,” the research added.
Price Action: At the time of writing, ETH was trading at $1,575, up 0.70% in the last 24 hours, according to Benzinga Pro.
Read More: Bitcoin, Ethereum, Dogecoin Rise As Silvergate Fears Ebb: Analyst Says Apex Crypto Will 'Peak' Unless Fed's Powell Pulls A Surprise
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