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In the past 12 days, the stablecoin sector has experienced a growth of $4.95 billion, reaching a new 2024 high of $149.03 billion in market valuation. Among various dollar-tied tokens that have seen their supply numbers go up over the last 30 days, Ethena’s USDE stands out with a 376% increase in its supply during this period.
Stablecoin Economy Continues to Swell
As the crypto market faced a decline on March 15, 2024, dropping 4.4% in value against the U.S. dollar, stablecoins have emerged as beneficiaries, capturing a substantial share of the trading volume over the last day. With a total global trading volume of $256.8 billion, dollar-tied tokens represent $172.9 billion of this total. Besides experiencing heightened trading activity on Friday and throughout the entire week, the supply of stablecoins has significantly expanded.
Since March 3, 2024, the stablecoin arena has experienced a notable increase, adding roughly $4.95 billion to its economy. Leading the pack by market capitalization, tether (USDT) has seen its supply rise by 6.7% over the previous month. As of March 15, USDT’s market valuation stands at $103.4 billion, claiming $130 billion of the $172.9 billion in stablecoin trade volume over 24 hours.
In a similar vein, USDC’s supply has risen, showing an 8.7% growth over 30 days and bringing its market valuation to around $30.5 billion on Friday Meanwhile, Makerdao’s DAI has witnessed a 4.8% decrease in supply this past month, with its market cap now at $4.67 billion. FDUSD has enjoyed a 5.8% increase in its overall supply, with its market valuation reaching approximately $3 billion on Friday, and a notable 24-hour trading volume of $22.5 billion.
TUSD experienced a slight 0.7% uptick in supply, with its market capitalization now standing at around $1.29 billion. Ethena’s USDE has achieved a market cap just above $1 billion, following a swift 376.8% boost in supply over the 30-day period. USDD and FRAX have seen their supplies diminish, modestly falling between 1.7% and 0.7%. In contrast, Paypal’s PYUSD and Paxos’ USDP witnessed more significant declines in their supplies, ranging between 32.8% and 25.8%, respectively.
What do you think about the stablecoin economy’s growth since March 3, 2024? Share your thoughts and opinions about this subject in the comments section below.