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The stablecoin market has been picking up speed lately, and between Aug. 9 and Aug. 18, 2024, it expanded by $2.21 billion. During this period, Tether’s supply ballooned by an additional 1.26 billion USDT.
Stablecoin Boom: $2.21B Growth Driven by Tether and PYUSD
Between Aug. 9 and Aug. 18, 2024, the stablecoin economy expanded by $2.21 billion, building on the $1.53 billion growth seen from Aug. 6 to Aug. 9. Tether (USDT) claimed a dominant 57.01% of that growth, adding 1.26 billion USDT to its supply over the eight-day span. With this boost, USDT’s $116.88 billion market cap now makes up 69.40% of the $168.42 billion stablecoin market.
Over the last 30 days, USDT grew by 2.9%, while usd coin (USDC) saw a 3.3% increase. Meanwhile, Makerdao’s DAI slipped by 1%, and Ethena’s USDE dropped by 9.2% since July 19, struggling to maintain a $3 billion market cap. First Digital’s FDUSD, however, enjoyed a 17.2% rise in supply over the same period. Just two days ago, Bitcoin.com News highlighted how Paypal’s PYUSD overtook Tron’s USDD to become the sixth-largest dollar-pegged coin.
At that time, PYUSD’s supply had grown by $140.9 million in just ten days, with most of it minted on Solana. As of Aug. 16, PYUSD’s market cap stood at $791.9 million, and by Aug. 18, it reached $828.86 million, marking a $36.96 million increase in just 48 hours. Since July 19, PYUSD’s supply has surged by 41.5%, while Tron’s USDD edged up by only 0.7%. Similarly, frax dollar (FRAX) and true usd (TUSD) has remained stagnant over the past month.
Alchemix usd (ALUSD) saw a modest 1.1% rise this month, while Aave’s stablecoin GHO climbed by 19% since July 19. On the other hand, Paxos’ pax dollar (USDP) decreased by 6.5%, and gemini dollar (GUSD) fell by 6.9% over the 30-day period. Once again, as with the previous week, the primary drivers of growth have been increases in the supplies of USDT and PYUSD, while others like USDC and FDUSD experienced only slight upticks.