Stablecoins See Significant Market Growth in a Few Weeks
Recent data reveals that over a period of 22 days, from November 2 to November 24, 2023, the market value of stablecoins increased by nearly $6 billion. In the last 24 hours alone, these fiat-backed tokens reached a trading volume of $50.74 billion, accounting for 57.23% of the global trading volume.
Tether Dominates the Stablecoin Market
Tether (USDT) is the leading stablecoin with a market value of $88.59 billion, making up 68.59% of the total stablecoin market capitalization. It also represents 5.93% of the entire crypto economy, which is valued at $1.4 trillion.
Growth and Decline Among Stablecoins
During the past 22 days, USDT’s market cap increased by 4.24%, while USDC experienced a modest growth of 0.81%. DAI’s market value rose significantly by 43.2%. On the other hand, TUSD’s supply decreased by 5.38%. BUSD has been declining throughout the year due to Paxos’s decision to stop minting it.
Market Value Changes for Various Stablecoins
BUSD’s market cap dropped by 10.76%, from $1.95 billion to $1.74 billion. FDUSD saw a rise of 24.23%, going from $590 million to $733 million. Tron’s USDD fell slightly by 0.82% to $719 million, and FRAX experienced a minor decrease of 0.44%, going from $671 million to $668 million.
Reductions in Stablecoin Supply
Paxos’s USDP supply decreased by 1.10%, from $453 million to $448 million. LUSD also saw a drop in supply, from $220 million to $205 million. The market capitalizations of ALUSD and PYUSD remained relatively unchanged.
Hot Take: Stablecoin Market Bounces Back with Impressive Growth
The stablecoin market has rebounded in the past few weeks, witnessing a significant increase in market value. Despite the redemptions experienced by certain tokens over the past year, stablecoins have managed to gain nearly $6 billion in value. Tether continues to dominate the market, while other stablecoins show varying degrees of growth and decline. This resurgence highlights the continued demand for stable digital assets and their importance in the crypto economy.
Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.