Stablecoin Economy Swells by $1.53B in 3 Days Amid Market Rebound

With a 5% upswing in the crypto economy over the past day, following a broad market recovery, the stablecoin economy has ballooned by $1.53 billion in just three days. A notable $750 million of that growth occurred within the last 24 hours alone.

Tether’s $1.26B Growth Fuels Stablecoin Expansion

Not long ago, the crypto market experienced sharp declines in leading assets like $BTC and $ETH, but in the past 72 hours, things have taken a turn for the better. After dipping below the $50,000 mark on Aug. 5, 2024, $BTC is now trading at $60,410 as of 8:30 a.m. EDT on Aug. 9. During this period, the stablecoin economy also expanded by $1.53 billion.

An archived snapshot reveals that $750 million, or more than 49% of the total $1.53 billion, was added in just the past day. Most of the recent growth came from tether ($USDT), the largest stablecoin by market valuation. The day before Monday’s crypto market shakeup, $USDT’s market valuation was about $114.36 billion.

Today, $USDT’s market cap has reached $115.62 billion, indicating that $1.26 billion of the total growth came from $USDT alone. In the $2.12 trillion crypto market economy, $USDT’s market cap now accounts for 5.45%, meaning that between $BTC, $ETH, and $USDT, these three assets make up 76.85% of the crypto market’s total value. Other stablecoins that have seen smaller, yet steady, increases in the past few days include GHO, USDC, PYUSD, and USDM.