After Tether, USDC dominates stablecoins with a $452 million market cap

USDC, a stablecoin developed by the Circle, is the second-largest USD-backed stablecoin on the market according to data from Skew.

Launched in 2018, USDC currently has a market capitalization of over $452 million and is followed by PAX with $191 million and TUSD with a $140 million market cap.

Circle's USDC a top performer among young stablecoins.

While finding USDC on the CoinMarketCap list might take a while, as the coin is currently ranked 28th in terms of its market cap, it dominates the stablecoin market.

Notwithstanding Tether, USDC is the largest stablecoin on the market, whose market cap outshines even the most hyped projects such as DAI. According to data from Skew, which took a look at all of the stablecoins launched in 2018, USDC has a market cap of $452 million.

While it's a far cry from Tether's $4.6 billion market cap, it's still more than two times larger than that of PAX.USDC leaves other stablecoins behind in everything but trading volume.

With a $191 million market cap, PAX is the second-largest stablecoin created in 2018, while True USD's $140 million market cap put it in the third place.

Decentralized stablecoin DAI has a much smaller part of the market with a capitalization of $118 million.

Binance's own stablecoin, the NYDFS-approved BUSD, seems to be struggling with adoption with a market cap of only $74 million.

Its current market cap stands at only $3.8 million.