Stablecoins Q1 2024
New series of stablecoin quarterly analytics. In Q1 2024 stablecoin market capitalization rebound primarily driven by growth in Tether volume. Tether's reserves are audited by BDO.
The market capitalization of stablecoins at the end of Q1 2024 continued to recover. The growth of $19.1B with $12.8B increase in USDT capitalization and $7.9B increase in the capitalization of USDC.
Asset Reserves
During Q1 2024, we saw a decrease in the share of cash and cash equivalents backing USD coin.
Tether did show a slight decrease in the share of cash and cash equivalents:
Share of cash and cash equivalents in USDP reserves grew from 52% to 86% during the quarter:
Who Are the Auditors?
In Q1 2024 we see the first reduction in the market share of stablecoins with reserves audited by BDO (who audits Tether reserves). However, BDO remains responsible for 77% of the market capitalization of three stablecoins (USDC, USDT, and USDP).