The total stablecoin market cap in the Ethereum ecosystem has jumped approximately 1 million-fold since the token reached $1400 for the first time
The total stablecoin market cap in the Ethereum ecosystem has surged approximately 1 million-fold since the token reached $1,400 for the first time in January 2018.
According to data from DeFi Llama, the ETH (ETH) stablecoin market cap has reached around $124.5 billion on May 6. However, it has decreased slightly by 0.08% or approximately $100 million in the past week.
In January 2018, when ETH hit $1,400 for the first time in its history, its stablecoin market cap stood at a meager $124,500. Despite its small beginnings compared to its current size, it was enough to secure Ethereum’s position as the second-largest cryptocurrency by market cap, trailing only Bitcoin (BTC).
At press time, Tether (USDT) continues to contribute the majority of ETH’s stablecoin market cap, making up around 52% of the ecosystem’s total stablecoin market cap or equal to approximately $64.7 billion from the $124.5 billion total.
On the other hand, USD Coin (USDC) adds $37 billion in market cap to the ETH ecosystem, followed by Ethena’s USDe (USDE) which makes up $4.5 billion of the total stablecoin market cap. Fourth and fifth place are occupied by Sky Dollar’s USDS and Dai’s DAI (DAI), contributing around $3.8 billion and $3.6 billion in stablecoin market cap respectively.
ETH itself has dipped slightly by 0.89% in the past 24 hours. It is currently trading at $1,804, having surged more than 10.9% in the past two weeks. ETH’s market cap stands at over $216 billion, with a daily trading volume reaching $9.2 billion. This marks a slight 4.10% increase in trading volume compared to the previous day of trading, indicating a rise in market activity.
As previously reported by crypto.news, Ethereum is preparing to launch its next major upgrade this month. The upgrade is set to introduce a number of changes aimed at boosting on-chain scalability, improving user experience, and enhancing validator efficiency through EIP-7251’s maximum stake adjustment from 32 ETH to 2,048 ETH.
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