In the past 15 days, the stablecoin economy has observed a modest yet consistent growth, adding $1.08 billion to its market cap. During this timeframe, Tether emerged as a significant driver, with its market value increasing by $790 million. Other stablecoins also experienced varying levels of growth and decline.
What Influences Stablecoin Market Growth?
From August 23 to September 7, 2024, the stablecoin market climbed from $169.72 billion to $170.80 billion. This $1.08 billion increment highlights the enduring significance of stablecoins, constituting $80.16 billion out of the $114.2 billion trading volume over the last 24 hours. Access COINTURK FINANCE to get the latest financial and business news.
How Did Individual Stablecoins Perform?
Tether (USDT) notably increased its supply from $117.39 billion to $118.18 billion, making a substantial contribution to market growth. Circle’s USDC saw a modest rise of $50 million, while other stablecoins like DAI faced a $60 million decrease in supply. Ethena’s USDE and FDUSD also experienced declines, with FDUSD dropping by $90 million to $2.56 billion.
Market Trends and Insights
– Tether’s market value rose by $790 million.
– Total stablecoin market added $1.08 billion in 15 days.
– Circle’s USDC increased by $50 million.
– DAI and Ethena’s USDE supply declined by $60 million and $330 million respectively.
– FDUSD saw a $90 million decrease in its market supply.
The overall market has exhibited slower growth, increasing by $1.08 billion compared to $1.3 billion in the five days leading up to August 23. This could indicate a cooling off period for stablecoins. However, stablecoins still maintain a robust presence in trading volumes, underscoring their importance in the financial ecosystem.
The slower yet steady growth of the stablecoin market suggests a potential lull. Nonetheless, the substantial impact of stablecoins, particularly Tether, continues to steer market dynamics, affirming their crucial role in the financial landscape.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/tether-fuels-remarkable-stablecoin-market-surge