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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.