2024

PAX Gold

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Gold

<h4>By now you should have heard of <a href="https://www.altcoinbuzz.io/?s=rwa" target="_blank" rel="noopener">RWAs (Real-World Assets)</a>. It’s currently one of the hottest and most promising sectors in crypto. </h4> 
That’s why some stablecoins are an early form of RWAs. For example, when they peg to fiat. Other stables are more decentralized and use a different mechanism to peg. Let’s take a look at the current state of stablecoins. 
<img decoding="async" class="aligncenter wp-image-150638 size-large" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Screenshot-1-2024-09-13-114908-1024x572.jpg" alt="CoinGecko Stablecoins report" width="696" height="389" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Screenshot-1-2024-09-13-114908-1024x572.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Screenshot-1-2024-09-13-114908-300x168.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Screenshot-1-2024-09-13-114908-768x429.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Screenshot-1-2024-09-13-114908-752x420.jpg 752w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Screenshot-1-2024-09-13-114908-696x389.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Screenshot-1-2024-09-13-114908-1068x597.jpg 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Screenshot-1-2024-09-13-114908.jpg 1521w" sizes="(max-width: 696px) 100vw, 696px"> 
Source: <a href="https://www.coingecko.com/research/publications/state-of-stablecoins-2024" target="_blank" rel="noopener">CoinGecko report</a> 
<h5>Fiat-Backed Stablecoins Surged in 2024</h5> 
In 2024, fiat-back stablecoins surged to a $161.2 billion market cap. That’s an impressive feat, however, it’s still below the 2021 peak of $181.7 billion. The top ten of fiat-back coins saw some impressive growth. For example, during the 2020-2021 bull run, their market cap grew 3,121.7%.&nbsp; 
However, 94% of the total market cap is in the hands of only three coins. These are $USDT with a $114.4 billion share, $USDC with $33.3 billion, and $DAI with a $5.3 billion share. 
<figure id="attachment_150637" aria-describedby="caption-attachment-150637" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-150637 size-full" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-551-State-of-Stablecoins_-2024-www.coingecko.com_.jpg" alt="CoinGecko report" width="900" height="866" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-551-State-of-Stablecoins_-2024-www.coingecko.com_.jpg 900w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-551-State-of-Stablecoins_-2024-www.coingecko.com_-300x289.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-551-State-of-Stablecoins_-2024-www.coingecko.com_-768x739.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-551-State-of-Stablecoins_-2024-www.coingecko.com_-436x420.jpg 436w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-551-State-of-Stablecoins_-2024-www.coingecko.com_-696x670.jpg 696w" sizes="(max-width: 900px) 100vw, 900px">
 <figcaption id="caption-attachment-150637" class="wp-caption-text">
 CoinGecko Stablecoins report
 </figcaption>
</figure> 
<h5>Commodity-Backed Stablecoins Growth</h5> 
These stablecoins grew by 18.1% this year. That’s $1.3 billion. These coins saw a 212x since 2020.&nbsp; However, that’s still only 0.8% of fiat-backed stables. Furthermore, only two assets make up 78% of this market. These are Tether Gold ($XAUT) and PAX Gold ($PAXG).&nbsp; 
Besides precious metals, there was also an Uranium308 project that launched a stable. Unfortunately, this has already become inactive. 
<figure id="attachment_150635" aria-describedby="caption-attachment-150635" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-150635 size-full" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-552-State-of-Stablecoins_-2024-www.coingecko.com_.png" alt="CoinGecko report" width="895" height="863" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-552-State-of-Stablecoins_-2024-www.coingecko.com_.png 895w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-552-State-of-Stablecoins_-2024-www.coingecko.com_-300x289.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-552-State-of-Stablecoins_-2024-www.coingecko.com_-768x741.png 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-552-State-of-Stablecoins_-2024-www.coingecko.com_-436x420.png 436w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-552-State-of-Stablecoins_-2024-www.coingecko.com_-696x671.png 696w" sizes="(max-width: 895px) 100vw, 895px">
 <figcaption id="caption-attachment-150635" class="wp-caption-text">
 CoinGecko Stablecoins report
 </figcaption>
</figure> 
<h5>Stablecoins Account for 8.2% of the Global Crypto Market Cap</h5> 
Stablecoins make up a decent amount of global market cap. That’s no less than 8.2%. This dominance increases when the market shows weakness. Investors tend to convert their crypto assets into stablecoins during these times. That’s because these coins are less prone to market volatility. 
During <a href="https://www.altcoinbuzz.io/?s=terra" target="_blank" rel="noopener">Terra’s</a> $UST growth, in 2021 and 2022, dominance grew to 15.6%. However, it crashed after the $UST collapse. During the recent bear market, it surged again to 18.2%. 
<figure id="attachment_150634" aria-describedby="caption-attachment-150634" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-150634 size-full" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-553-State-of-Stablecoins_-2024-www.coingecko.com_.jpg" alt="CoinGecko Stablecoins report" width="893" height="869" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-553-State-of-Stablecoins_-2024-www.coingecko.com_.jpg 893w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-553-State-of-Stablecoins_-2024-www.coingecko.com_-300x292.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-553-State-of-Stablecoins_-2024-www.coingecko.com_-768x747.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-553-State-of-Stablecoins_-2024-www.coingecko.com_-432x420.jpg 432w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-553-State-of-Stablecoins_-2024-www.coingecko.com_-696x677.jpg 696w" sizes="(max-width: 893px) 100vw, 893px">
 <figcaption id="caption-attachment-150634" class="wp-caption-text">
 CoinGecko Stablecoins report
 </figcaption>
</figure> 
<h5>8.7M Addresses Hold Stablecoins</h5> 
There are almost 9 million addresses that hold stablecoins. To be precise, that number is currently 8.7 million. Also, here, $USDT, $USDC, and $DAI remain the three most popular stables. No less than 971% of wallets holds a combination of these three stables. 
$USDT shows up in 5.8 million wallets. That’s 2.6 times more than $USDC, which sits at #2. You can find $DAI in 505,000 wallets. So, out of the top ten, eight stables have less than 1 million holders. 
<figure id="attachment_150633" aria-describedby="caption-attachment-150633" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-150633 size-full" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-554-State-of-Stablecoins_-2024-www.coingecko.com_.png" alt="CoinGecko report" width="891" height="868" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-554-State-of-Stablecoins_-2024-www.coingecko.com_.png 891w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-554-State-of-Stablecoins_-2024-www.coingecko.com_-300x292.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-554-State-of-Stablecoins_-2024-www.coingecko.com_-768x748.png 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-554-State-of-Stablecoins_-2024-www.coingecko.com_-431x420.png 431w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-554-State-of-Stablecoins_-2024-www.coingecko.com_-696x678.png 696w" sizes="(max-width: 891px) 100vw, 891px">
 <figcaption id="caption-attachment-150633" class="wp-caption-text">
 CoinGecko Stablecoins report
 </figcaption>
</figure> 
<h5>Can Stablecoins Retain Their Peg?</h5> 
Many stables can’t manage to hold their peg. That’s still a struggle for many of them. This is especially an issue during times of high volatility. The only three coins that manage to maintain their peg are the top 3 stables. So, we’re looking once more at $USDT, $USDC, and $DAI.&nbsp; 
Partial algorithmic stables seem to have the most issues with keep the peg. This does include $DAI as well. They use market arbitrage to keep their peg. 
<figure id="attachment_150631" aria-describedby="caption-attachment-150631" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-150631 size-full" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-555-State-of-Stablecoins_-2024-www.coingecko.com_.jpg" alt="CoinGecko Stablecoins report" width="893" height="869" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-555-State-of-Stablecoins_-2024-www.coingecko.com_.jpg 893w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-555-State-of-Stablecoins_-2024-www.coingecko.com_-300x292.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-555-State-of-Stablecoins_-2024-www.coingecko.com_-768x747.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-555-State-of-Stablecoins_-2024-www.coingecko.com_-432x420.jpg 432w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/FireShot-Pro-Webpage-Capture-555-State-of-Stablecoins_-2024-www.coingecko.com_-696x677.jpg 696w" sizes="(max-width: 893px) 100vw, 893px">
 <figcaption id="caption-attachment-150631" class="wp-caption-text">
 CoinGecko Stablecoins report
 </figcaption>
</figure> 
<h5>Conclusion</h5> 
Stablecoins are an integral part of the crypto market. During volatile market periods, they are a safe haven. They protect investors from such volatility. We looked at the current market, inspired by a CoinGecko report. 
<a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener"><img decoding="async" class="alignnone wp-image-123700 size-full" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner.jpg" sizes="(max-width: 1197px) 100vw, 1197px" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner.jpg 1197w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1068x132.jpg 1068w" alt="" width="1197" height="148"></a> 
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The post <a href="https://www.altcoinbuzz.io/reviews/coingecko-report-overview-of-stablecoins-in-2024/">CoinGecko Report: Overview of Stablecoins in 2024</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.

CoinGecko Report: Overview of Stablecoins in 2024

Altcoin Buzz

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