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While June was a lackluster period for crypto assets as many experienced double-digit losses against the U.S. dollar, the stablecoin market also saw minimal growth over the past 30 days. Ethena’s USDE led the growth, with its supply increasing by 21.4% since May.
Stablecoin Economy Shows Little Change in June
The stablecoin market remained relatively static in June, showing minimal changes in supply. Several stablecoin projects experienced reductions, including First Digital’s FDUSD, which saw a 28.5% decline this past month. Tether (USDT), the largest stablecoin by market capitalization, saw a slight 0.7% increase in June. USDT’s market valuation is $112.65 billion, while FDUSD, the fifth largest stablecoin, is around $2 billion.
USDC holds the second largest stablecoin market cap at $32.24 billion but recorded a slight 0.4% decline in supply this weekend. The third largest, Makerdao’s DAI, saw a 3.9% decrease, bringing its market valuation to $5.13 billion. The fourth largest, Ethena’s USDE, saw the most significant growth, rising 21.4% this month. Tron’s USDD increased by 0.5%, while frax dollar (FRAX) decreased by 0.1%. The eighth largest stablecoin, TUSD, decreased by 1.3% in June.
The ninth largest stablecoin, Paypal’s PYUSD, rose by 6.3%, while the tenth largest, Blast’s USDB, experienced a 0.2% decline. The stablecoin market’s growth in June highlights that increased supply is largely driven by market demand. The minor fluctuations observed suggest that while stablecoins are a crucial part of the crypto ecosystem, their expansion hinges on specific needs.
What do you think about the lackluster stablecoin growth in June? Share your thoughts and opinions about this subject in the comments section below.