Stablecoin Market Value Hits $160 Billion as Supply Surges Across Top Cryptocurrencies

stablecoins

This week, the market value of fiat-pegged cryptocurrencies has reached $160 billion, a level last seen in May 2022 before the Terra’s UST crisis, when it lost its $1 parity on May 9, 2022. Over the last month, there has been a notable uptick in the supply of various stablecoins, led by Ethena’s USDE, which saw an increase of approximately 86.8% in its supply.

stablecoins

Since December 30, 2023, the stablecoin sector has expanded significantly, adding $28.63 billion to its market cap, and climbing from $150 billion to $160.03 billion in just over a month. This growth is largely driven by an increase in the supply of several key dollar-pegged cryptocurrencies.

Tether (USDT), the largest stablecoin by market cap, now boasts a valuation of $109.9 billion with a circulating supply of 109.84 billion USDT, reflecting a supply growth of 5.6% over the last month.

Circle’s USD Coin (USDC), which ranks second, saw its supply expand by 6.4%, pushing its market cap just over the $34 billion mark.

Collectively, USDT and USDC constitute over 93% of the total stablecoin market value. Additionally, Makerdao’s DAI saw a 9.3% rise in supply this past month, which has brought its market cap to $5.2 billion.

First Digital’s FDUSD reported a market value of $3.74 billion after a 43% increase in supply over the last 30 days. Ethena’s USDE, however, has shown the most significant growth with an 86.8% surge in supply, bringing its market valuation to around $2.37 billion as of April 22, 2024.

These five stablecoins together make up 96.98% of the entire stablecoin market, holding $155.21 billion of the total $160.03 billion market value. As the stablecoin market crosses new milestones, its rapid expansion reflects increasing trust in fiat-pegged cryptocurrencies.

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Pooja Chauhan

Pooja Chauhan: Your Source for Entertainment and Box Office News Pooja Chauhan is a passionate writer and dedicated journalist specializing in delivering the latest updates and insights from the world of entertainment and box office. With a keen eye for detail and a deep love for cinema, Pooja brings her readers accurate and engaging coverage of all things related to movies, celebrities, and the dynamic world of showbiz. Her commitment to keeping her audience well-informed and entertained makes her a valuable voice in the realm of entertainment journalism. When she's not busy uncovering the latest scoops, Pooja enjoys exploring classic films and indulging in creative writing." Contact us: admin@bollywoodfever.co.in

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