The Stablecoin Market Sees Modest Growth in October
In October, the stablecoin economy experienced a slight uptick after several months of decline. A total of $608 million was added to the fiat-pegged token market, bringing its valuation to $123.66 billion.
Tether (USDT) Leads the Charge
Tether (USDT), the largest stablecoin by market capitalization, saw a 1.9% increase in its supply, reaching a market cap of approximately $84.98 billion. It accounted for more than 27% of the total global trade volume across 456 crypto exchanges.
Other Stablecoins Experience Supply Reductions
While the overall stablecoin market grew, six out of the top ten stablecoins saw reductions in their supply during October.
USD Coin (USDC) witnessed a 3.4% reduction, resulting in a market valuation of $24.50 billion. DAI experienced a 3% reduction and currently stands at $3.72 billion. Trueusd (TUSD) decreased by 3.1% to $3.34 billion, while BUSD saw a substantial 13.1% reduction and is now valued at $1.95 billion.
October’s Standout: First Digital USD (FDUSD)
The standout performer in October was First Digital USD (FDUSD), which experienced a remarkable 45.1% increase in supply. This surge propelled FDUSD to become the eighth-largest stablecoin with a total supply of 544.26 million tokens.
Other Stablecoins Facing Reductions
Pax Dollar (USDP) witnessed a 6.7% reduction in supply, while Liquity USD (LUSD) faced a 12.6% decrease over the past 30 days. PayPal’s recently introduced dollar-pegged token has quickly become the 15th largest stablecoin.
Hot Take: Stablecoin Market Shows Signs of Recovery
The stablecoin market experienced modest growth in October, with an increase of $608 million in the overall valuation. While some stablecoins saw supply reductions, Tether (USDT) maintained its position as the leading stablecoin. The standout performer of the month was First Digital USD (FDUSD), which witnessed a significant supply increase. These developments indicate that the stablecoin economy is showing signs of recovery and continued growth in the crypto market.
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