Stablecoin Sector Sees $3.26 Billion Growth Spurt; Tether Nears $100B Milestone, USDE Supply Swells
The stablecoin sector experienced a $3.26 billion expansion within the last eight days, climbing from $140.82 billion to $144.08 billion by Sunday, March 3, 2024. During February, increases in supply were observed in four of the top five stablecoins by market cap, with FDUSD’s supply growth leading amongst the five.
Stablecoin Economy Rises 2.31% in a Week While PYUSD and USDP Witness Sharp Supply Drops in February
This past week and throughout the month of February, stablecoins have witnessed substantial growth. From Feb. 24, 2024, the stablecoin market’s worth escalated by $3.26 billion, marking a 2.31% rise. As of Sunday, the total valuation of all stablecoins stands at $144.08 billion, contributing to $60.82 billion of the global total of $110.19 billion recorded in the past 24 hours.
Tether’s (USDT) supply experienced a 3.5% uplift over the past 30 days, inching near the monumental $100 billion market capitalization milestone with its present valuation at $99.7 billion. The circulating supply of USDT now stands at 99.44 billion tethers on Sunday afternoon. Over the past 30 days, USDC has seen its supply swell by 8%, bringing its market capitalization to a current value of $29 billion.
DAI’s market cap experienced a 2.7% increase, reaching slightly above $5 billion, while FDUSD enjoyed a 26% uptick in February, culminating in a market value of $3.26 billion on Sunday. Contrarily, TUSD, ranking fifth in market cap among stablecoins, underwent a 12.3% dip in supply last month. Last week, TUSD faced challenges maintaining its peg, trading at $0.973 each.
Today, TUSD has recalibrated, trading at $0.998 per unit. Tron’s USDD experienced a 2.1% increase, reaching a market cap of $735 million. Ethena’s USDE witnessed a substantial 374.4% growth over the last month, positioning its market value at around $695 million by Sunday afternoon. The stablecoin frax dollar (FRAX) encountered a slight 0.1% decline in February, placing its market capitalization just under USDE at $648 million.
Paypal usd (PYUSD) and pax dollar (USDP) occupy the ninth and tenth positions among dollar-pegged stablecoins, respectively. PYUSD saw a significant 12.4% drop in supply this past month, marking its first major decrease since inception, with its market cap currently at $264 million. Meanwhile, USDP’s supply dwindled by 42.6% in February, bringing it down to a market value of $202 million.
What do you think about the stablecoin economy’s growth since Feb. 24, 2024? Share your thoughts and opinions about this subject in the comments section below.
