The market capitalization of stablecoins at the end of Q4 2023 rebound. The growth of $6.8B with $8.6B increase in USDT capitalization slightly offset by $1.3B reduction in the capitalization of discontinued by Binance/Paxos BUSD.
During Q4 2023, we saw the increase of cash (by $1.3B) and cash equivalents (by $0.8B) backing USD coin.
Two other biggest stablecoin assets (Tether and Paxos) did not show significant changes in the structure of the underlying assets.
In Q4 2023 we see continuing growth in the market share of stablecoins with reserves audited by BDO providing assurance over Tether reserves. In fact, BDO is responsible for 80% of the market capitalization of top-3 stablecoins (USDC, USDT, and USDP).
