In the last few days, the crypto market has crashed quite terribly. For the most part, the current coronavirus epidemic is to blame as it has sent shockwaves through the world’s financial markets and crypto as well. As the various digital assets struggle to maintain the market control they have enjoyed for a while, the stablecoins among them are performing impressively.
Tether’s USDT is the market’s largest stablecoin by market cap. Just about a month ago, Tether was the seventh on the list, by the same ranking. Now, with a $4.68 billion valuation, USDT has jumped and is now the fourth-largest digital asset in the market. This impressive move, when most other assets are stressed, is noteworthy.
Another stablecoin worthy of note is the USD Coin (USDC). Run by Circle, the asset has also leaped quite well in the last month. Sometime last month, it was the market’s 30th largest crypto and its market cap was less than $450 million. At the moment, it is number 17, with a $602 million valuation. Circle co-founder and CEO Jeremy Allaire says there is a surge in market demand.
The Paxos Standard (PAX) is another stablecoin enjoying some promotion. Its market cap climb to $220.9 from $208 million in a few weeks, is not as notable as USDC or USDT. However, PAX jumped from the 42nd position to its current 28th position, in the same period.
Last year, Paxos released a new stablecoin, PAX Gold (PAXG), backed by gold.