Fiat-Pegged Crypto Market Expands by $1.39B in Past Week, Led by USDT and USDC

Over the past week, the stablecoin market has expanded by $1.39 billion. Once again, tether (USDT) took the lead, with its supply increasing by 610 million USDT during the last seven days.

Stablecoin Market Continues to Climb

Though the pace has slowed, the stablecoin market keeps inching upward every week. On Sept. 7, the fiat-backed crypto market was valued at $170.80 billion, and by Sunday, Sept. 15, it had climbed to $172.19 billion. Out of the $1.39 billion increase in the past week, USDT’s supply alone contributed 43.96%. Meanwhile, Circle’s USDC accounted for 24.46%, or $340 million, of that week’s growth.

As of now, tether’s market cap sits at $118.79 billion, while USDC comes in around $35.73 billion. The third-largest stablecoin, DAI, grew by 40 million in the past week, bringing its market cap to $5.14 billion. On the other hand, Ethena’s USDE saw a reduction of 20 million USDE, leaving its current valuation at $2.66 billion. Although FDUSD has expanded by 15.7% over the last 30 days, it saw no change in the previous week.

Paypal’s PYUSD crossed the $1 billion threshold just 20 days ago but has since shed 230 million. Over the last week, approximately 62 million PYUSD were redeemed, leaving Paypal’s stablecoin market at $770 million. USDD and FRAX experienced minimal movement, standing at $730 million and $647 million, respectively.

TUSD, with a market cap of $494 million, remained stagnant last week. Rounding out the top ten dollar-pegged tokens, Blast’s USDB dipped from $411 million to its current $404 million. The rest of the market’s growth came from smaller-cap stablecoins like DEUSD and GHO. While tether and USDC lead the charge, smaller tokens continue to face both challenges and bursts of growth in maintaining their footing.

Source : Bitcoin News - Sep 15, 2024