Significant Growth in Stablecoin Sector Since February 2024
The stablecoin sector has seen substantial growth, with a $1.7 billion increase in its economy since the beginning of February 2024.
Over the past 30 days, both USD Coin and First Digital USD have experienced significant supply jumps of 9.6% and 40.3%, respectively. The stablecoin market, initially valued at $136.56 billion, has now reached $138.26 billion as the overall cryptocurrency market value has expanded. Tether (USDT), leading in market cap, boasts a valuation of $96.52 billion with a 1.7% increase in supply in the last month. USDC, the second-largest stablecoin, has witnessed a 9.6% supply increase, reaching a market value of approximately $27.9 billion.
However, DAI has experienced a 7.2% supply decrease, dropping to a market cap of $4.84 billion. First Digital USD (FDUSD) marked a notable 40.3% rise, reaching a market capitalization of $2.83 billion, while TrueUSD (TUSD) faced a 37.5% supply reduction, lowering its market cap to $1.27 billion. The expansion of the stablecoin market brings liquidity benefits but also introduces challenges such as increased regulatory scrutiny, systemic vulnerabilities, concerns over centralization, and reliance on traditional financial frameworks.
Clever Robot News Desk 16th February 2024
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