CCData’s Latest Report
CCData, a global leader in digital asset data and an FCA-authorised benchmark administrator, has released the December 2023 edition of the “Stablecoins & CBDCs” report. This report offers a comprehensive analysis of the stablecoin sector, which has seen significant growth and interest over the past year. CCData’s expertise in aggregating and analyzing diverse datasets offers a detailed overview of the market, encompassing trade, derivatives, order book, historical, social, and blockchain data.
Stablecoin Supply Surge
In November, the total market capitalization of stablecoins increased by 3.43% to reach $128 billion, the largest monthly supply increase since February 2022. By December 18th, the market cap further increased by 0.17% to $129 billion. However, stablecoin market cap dominance dipped to 8.07% in December, the lowest since December 2021.
USDT’s Market Cap Milestone
In December, USDT’s market capitalization surpassed $90 billion for the first time. FDUSD’s market cap also reached a new record of $1.63 billion as of December 18th, soaring by 92.6%. USDT’s market dominance rose to 70.2%, the highest since January 2021, with trading volume for USDT pairs on centralized exchanges reaching $662 billion in November, the highest since March 2023.
FDUSD’s Remarkable Growth
FDUSD’s market capitalization increased by 92.6% to $1.63 billion as of December 18th, surpassing BinanceUSD (BUSD) as the fifth-largest stablecoin, trailing only USDT, USDC, Dai, and TrueUSD.
Binance Withdraws Support for BUSD
On December 15th, Binance announced the discontinuation of support for BUSD, which had been declining for 13 months, falling to a market cap of $1.47 billion in December. BUSD once constituted 36.4% of Binance’s trading volumes but has been phased out in favor of TrueUSD and First Digital USD following a Wells Notice from the SEC in February.
Hot Take: Continued Growth and Shifting Tides
CCData’s December 2023 “Stablecoins & CBDCs” report highlights the ongoing surge in stablecoin supply, with USDT and FDUSD leading the charge with remarkable market cap milestones. The report also sheds light on the significant growth of FDUSD, surpassing BinanceUSD as the fifth-largest stablecoin. However, the market is not without its changes, as seen in Binance’s withdrawal of support for BUSD. The landscape of stablecoins continues to evolve, making it essential for market participants to stay informed and adapt to these shifts.
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