Stablecoin valuations increased by nearly 6% to $141.5 billion
In mid-October, the market capitalization of all stablecoins in existence was $134 billion, and over the past three weeks this metric has grown 5.59% to $141.5 billion.
USDT, the largest stablecoin by market cap, was up 6% this month with a total of 71 billion tokens in circulation while the second largest stablecoin USDC reached $34.2 billion, up 5.8% in 30 days.
Among the top five stablecoins, stablecoin DAI, issued by Makerdao, has seen the biggest increase with a 27.3% increase in the last month and currently has a capitalization of $146.7 billion. TerraUSD, the stablecoin issued by the Terra network, currently has a capitalization of $65 billion and has grown 6.7% in 30 days.
Top 5 stablecoins. Source: Coinmarketcap
One exception in the top stablecoins, in sixth place is the magic internet currency (MIM), with a massive 30-day gain of 152.3%. MIM issued by abracadabra.money has a market capitalization of $2.5 billion and a 24-hour trading volume of $112 million. At the time of writing, the AVAX Trader Joe-based DEX platform is the most active MIM exchange.
Although the increase of MIM is quite impressive, it is still not the highest. Mstable USD (MUSD) of MSTable, a meta-asset platform that aims to create stronger assets, increased 379.4%. It currently has a market capitalization of $139.3 million and a trading volume of $2 million.
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