After a $4.23 billion increase in just 14 days, the stablecoin ecosystem—fiat-pegged digital tokens—now stands at $228.553 billion. With a staggering $143.74 billion, or 62.89%, of the stablecoin market, Tether (USDT) is in the lead.
These stable-value currencies collectively make up about 8.34% of the $2.74 trillion cryptocurrency market, with USDT alone controlling 5.25% of the whole market for digital assets. With a market capitalization of $58.371 billion, Circle’s USDC is still robust and accounts for 25.54% of the value of the entire stablecoin ecosystem.
The supply of USDT increased by 0.44% over the last seven days, while the supply of USDC increased by 1.97%. With $5.458 billion, Ethena’s USDe takes third place thanks to a mild 0.82% supply increase this week. Sky’s USDS, meanwhile, increased 3.63% this week to reach $4.811 billion.
However, not everybody is happy: Sky’s DAI fell 5.27% to $4.185 billion. Over the course of seven days, First Digital’s FDUSD fell 2.48% to $1.796 billion. Additionally, Usual’s USDO dropped 5.72% to $978.18 million, below the billion dollar barrier.
However, Paypal’s PYUSD increased by 0.33% this week and by 29.14% over the previous month, increasing the supply by $172.29 million. According to defillama.com stablecoin data, the market capitalization of the PYUSD is currently in eighth place at $763.46 million.
With $625 million, USDX Money’s USDX rounds out the list in ninth place. It has decreased 0.05% this week but increased 0.21% over the past 30 days. With $592.73 million, Ondo’s USDY closes off the week down 0.45% while slamming PYUSD’s monthly growth with a 55.55% spike.
Despite the downturn in cryptocurrency, stablecoins are flourishing, exhibiting a vibrant blend of innovation and competition. Even though long-standing titans like USDT continue to rule, more recent arrivals are upending the status quo with rapid expansion. As digital dollars take a bigger and bigger piece of the cryptocurrency market, the sector’s resiliency demonstrates a balancing act between stability for users and yield collection for investors.
