The market cap of Tether, which is backed by both USD and crypto, was much higher on May 19, 2025 than that of other crypto-collateralized stablecoins, such as Resolv USR. For many people, stablecoins are associated with fiat currencies - especially the U.S. dollar - although they have other ways to maintain their stability. Crypto-backed stablecoins, for instance, try to maintain an excess supply of another cryptocurrency - often Ethereum (ETH). Dai, for example, before it got replaced with USDS, required at least
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times its own value in collateral, meaning it needs a deposit of at least
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U.S. dollars' worth in Ethereum whenever 1,000 Dai is borrowed in a Decentralized Finance (DeFi) smart contract.
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Estimate of the market capitalization of crypto-collateralized stablecoin from February 2015 to May 19, 2025
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Statista. (May 19, 2025). Estimate of the market capitalization of crypto-collateralized stablecoin from February 2015 to May 19, 2025 (in million U.S. dollars) [Graph]. In Statista. Retrieved June 05, 2025, from https://www.statista.com/statistics/1316207/cryptocurrency-defi-backed-stablecoin-market-value/
Statista. "Estimate of the market capitalization of crypto-collateralized stablecoin from February 2015 to May 19, 2025 (in million U.S. dollars)." Chart. May 19, 2025. Statista. Accessed June 05, 2025. https://www.statista.com/statistics/1316207/cryptocurrency-defi-backed-stablecoin-market-value/
Statista. (2025). Estimate of the market capitalization of crypto-collateralized stablecoin from February 2015 to May 19, 2025 (in million U.S. dollars). Statista. Statista Inc.. Accessed: June 05, 2025. https://www.statista.com/statistics/1316207/cryptocurrency-defi-backed-stablecoin-market-value/
Statista. "Estimate of The Market Capitalization of Crypto-collateralized Stablecoin from February 2015 to May 19, 2025 (in Million U.S. Dollars)." Statista, Statista Inc., 19 May 2025, https://www.statista.com/statistics/1316207/cryptocurrency-defi-backed-stablecoin-market-value/
Statista, Estimate of the market capitalization of crypto-collateralized stablecoin from February 2015 to May 19, 2025 (in million U.S. dollars) Statista, https://www.statista.com/statistics/1316207/cryptocurrency-defi-backed-stablecoin-market-value/ (last visited June 05, 2025)
Estimate of the market capitalization of crypto-collateralized stablecoin from February 2015 to May 19, 2025 (in million U.S. dollars) [Graph], Statista, May 19, 2025. [Online]. Available: https://www.statista.com/statistics/1316207/cryptocurrency-defi-backed-stablecoin-market-value/
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