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Over the past week, the stablecoin market has expanded by $1.39 billion. Once again, tether ($USDT) took the lead, with its supply increasing by 610 million $USDT during the last seven days.
Stablecoin Market Continues to Climb
Though the pace has slowed, the stablecoin market keeps inching upward every week. On Sept. 7, the fiat-backed crypto market was valued at $170.80 billion, and by Sunday, Sept. 15, it had climbed to $172.19 billion. Out of the $1.39 billion increase in the past week, $USDT’s supply alone contributed 43.96%. Meanwhile, Circle’s $USDC accounted for 24.46%, or $340 million, of that week’s growth.
As of now, tether’s market cap sits at $118.79 billion, while $USDC comes in around $35.73 billion. The third-largest stablecoin, DAI, grew by 40 million in the past week, bringing its market cap to $5.14 billion. On the other hand, Ethena’s USDE saw a reduction of 20 million USDE, leaving its current valuation at $2.66 billion. Although FDUSD has expanded by 15.7% over the last 30 days, it saw no change in the previous week.
Paypal’s $PYUSD crossed the $1 billion threshold just 20 days ago but has since shed 230 million. Over the last week, approximately 62 million $PYUSD were redeemed, leaving Paypal’s stablecoin market at $770 million. USDD and FRAX experienced minimal movement, standing at $730 million and $647 million, respectively.
TUSD, with a market cap of $494 million, remained stagnant last week. Rounding out the top ten dollar-pegged tokens, Blast’s USDB dipped from $411 million to its current $404 million. The rest of the market’s growth came from smaller-cap stablecoins like DEUSD and GHO. While tether and $USDC lead the charge, smaller tokens continue to face both challenges and bursts of growth in maintaining their footing.
What do you think about the $1.39 billion added to the stablecoin economy over the last seven days? Share your thoughts and opinions about this subject in the comments section below.