The stablecoin market expanded by $1.04 billion in just six days, with Tether (USDT) and USDC leading the surge. Learn more about the latest trends in stablecoins.
Bollywoodfever: The stablecoin market has experienced significant growth in the past month, with a $1.04 billion increase recorded in just six days. As of Sept. 21, the stablecoin market grew from $172.19 billion to $173.23 billion, maintaining its upward momentum and solidifying its role within the broader crypto economy.
Tether (USDT) and USDC Lead the Growth
At the forefront of this surge is Tether (USDT), the largest stablecoin by market cap, which saw a 1.5% supply increase over the last 30 days. This resulted in an additional $380 million being added to USDT’s supply since Sept. 15. Circle’s USDC followed closely, growing its supply by 2.9% over the past month, including a $130 million boost within the last six days.
DAI and FDUSD Also Show Strong Gains
Stablecoins like DAI and First Digital’s FDUSD also posted notable gains. DAI experienced a 3.2% increase, adding $190 million since mid-September, while FDUSD grew by an impressive 11%, reaching a market cap of $2.94 billion as of Sept. 21.
Smaller Stablecoins See Significant Inflows
Smaller stablecoins also made moves, with GHO and DEUSD recording gains. GHO surged by 26%, and DEUSD saw a 16.6% increase over the past month, reflecting growing interest and investment in alternative stablecoins.
USDE Sees Decline Amid Market Expansion
While most of the top stablecoins grew in supply, Ethena’s USDE bucked the trend, shedding 14.7% of its market cap since Aug. 21, with $80 million being pulled from its supply over the past six days.
Stablecoin Market Outlook
The rapid expansion of the stablecoin market, particularly with Tether and USDC, highlights the increasing demand for stable, dollar-pegged digital assets. With inflows across major and smaller stablecoins alike, the sector continues to evolve, attracting interest from investors seeking stability in the volatile cryptocurrency market.
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