Surging Stability: A 30-Day Snapshot of Stablecoin Market Growth
The stablecoin market witnessed substantial growth over the past 30 days, with the combined market capitalization of leading stablecoins surging from $131.71 billion to $136.56 billion.
Tether (USDT), the top stablecoin by market capitalization, experienced a 4.8% increase in supply, nearing the milestone of 100 billion tokens in circulation at $95.91 billion. USD Coin (USDC), the second-largest stablecoin, outpaced USDT with a growth rate of 7.2%, reaching a market capitalization of $26.50 billion. Maker’s stablecoin DAI saw a slight decline of 0.8%, maintaining its position as the third-largest stablecoin at $5.19 billion.
First Digital USD (FDUSD) showed the most significant surge, rising by 42.8% to a market capitalization of $2.57 billion. TrueUSD (TUSD) experienced a notable 30.6% decrease in supply, reaching a market capitalization of $1.47 billion. As newer players like FDUSD and PYUSD ascend, former leaders BUSD and GUSD have dropped out of the top ten, reflecting the dynamic evolution of the stablecoin landscape.
Clever Robot News Desk 1st February 2024
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