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In the opening fortnight of February, the stablecoin domain expanded by $1.7 billion, marking a significant rise. The value of the fiat token crypto market has once again risen witnessing an increase exceeding $2.5 billion over the past ten days. Specifically, three stablecoins have driven this upswing, with the stablecoin ethena usde at the forefront of 30-day supply increases.
Ethena, FDUSD and Leading Stablecoins Propel Market to $140 Billion
The stablecoin arena is currently experiencing significant growth, with the fiat-linked crypto economy now valued at $140.82 billion, according to coingecko.com stats. This represents a rise of $2.56 billion since Feb. 14, 2024, when the stablecoin market was valued at approximately $138.26 billion. Since the last stablecoin analysis by Bitcoin.com News, tether’s (USDT) market cap has risen from about $96.52 billion to $97.89 billion today. USDT has seen a 2.5% total increase in supply since Jan. 24, 2024.
At the time of our previous analysis, usd coin (USDC) boasted a market value close to $27.9 billion. By Saturday, Feb. 24, 2024, it had risen to $28.14 billion. Over the past 30 days since Jan. 24, USDC’s supply saw an 8.9% increase. Makerdao’s DAI also experienced growth, escalating from $4.84 billion to $4.93 billion in the last ten days. FDUSD’s supply swelled by 25.2% since Jan. 24, with its market value leaping from $2.83 billion on Feb. 14 to the current $3.31 billion.
Trueusd (TUSD) witnessed a decrease in its market cap over the ten days, dropping from $1.27 billion to $1.25 billion by Feb. 24. Currently trading below the desired $1 parity, TUSD is now exchanging hands for $0.973 per unit. The market caps of Tron’s USDD and frax dollar (FRAX) remained relatively stable over the past ten days. Conversely, ethena usde (USDE) recorded a substantial 224.9% increase in supply since Jan. 24.
Currently, USDE’s market capitalization stands at $427.14 million, ranking it as the eighth largest fiat-pegged crypto asset by market valuation. Paypal’s PYUSD has reached a market cap of $304 million, marking a 1.3% increase over the 30 days. Meanwhile, pax dollar (USDP), the tenth-largest stablecoin by market cap, saw a 40.7% decrease, aligning with the downtrends observed in BUSD and GUSD. For instance, Gemini’s GUSD experienced a 16% decline over the past month, dropping to just $31.38 million.
What do you think about the stablecoin economy’s growth over the past ten days? Share your thoughts and opinions about this subject in the comments section below.