Terra (LUNA) has become one of the biggest gainers in the crypto market over the past month and now the whole ecosystem seems to be expanding in sync. A decentralized stablecoin working on the LUNA network has reached a market cap of $10 billion, making it the first decentralized stable currency to achieve the feat.
The stablecoin market is expanding fast despite the looming uncertainty over regulations. While centralized stablecoins such as USDT and USDC have been ruling the crypto market for nearly a decade, it seems the growing controversy around the issuance of these centralized stablecoins has given decentralized stablecoins to flourish.
Tether issued USDT maintained a clear dominance of well over 95% of market share until a couple of years ago. However, Circle issued USDC did a lot of catching up in 2021 and has reached at least 50% of the market cap of USDT. USDT is still at the top with a market circulation of $78 billion followed by USDC at $42.5 billion.
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