Ethereum-based stablecoins' market capitalization has nearly doubled year-to-date to $6.25B

The aggregate market capitalization of Ethereum-based stablecoins has increased by 95.38% year-to-date to $6.25 billion, according to research conducted by The Block’s Matteo Leibowitz.

The sharp surge in stablecoin activity is likely a combination of recent market volatility and the inflation of foreign currencies against the U.S. dollar, according to Leibowitz.

Among Ethereum-based stablecoins, Tether (USDT) continues to dominate the space with 77.84% of market share. Tether’s outstanding Ethereum-based supply has grown by 113% year-to-date to $4.9 billion from $2.3 billion.

Source: The Block, Dune Analytics

CENTRE Consortium’s USDC stablecoin continues to dominate among non-Tether stablecoins with a market share of 51.44%. However, USDC faces some competition from challenger exchange-associated stablecoins: HuobiUSD (HUSD) and BinanceUSD (BUSD), with the former growing 48.09% YTD, the latter 553.11%.

PAX, on the other hand, has seen its market share decline by 21.3% year-to-date.

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