Tether Leads Stablecoin Market Growth in October with Supply Increase
In October, the stablecoin market showed signs of growth following several consecutive monthly declines, with an infusion of $608 million into the fiat-pegged token market.
Tether (USDT), the largest stablecoin, increased its supply by 1.9%, reaching a market valuation of around $84.98 billion by the end of the month. Tether’s global trade volume on 456 listed crypto exchanges surpassed $19.79 billion in the last 24 hours, contributing over 27% to the total $71.77 billion traded within the cryptocurrency ecosystem during the same period.
Throughout October, the overall fiat-pegged market expanded from $123.05 billion to $123.66 billion, marking a modest 0.495% uptick, equivalent to $608 million. During the same period, other stablecoins experienced varying supply changes, with Circle’s USD Coin (USDC) decreasing by 3.4%, Makerdao’s DAI dropping by 3%, and TrueUSD (TUSD) decreasing by 3.1%. BUSD saw the most significant reduction, with a substantial 13.1% of its supply redeemed, resulting in a market valuation of $1.95 billion. Meanwhile, First Digital USD (FDUSD) stood out with a remarkable 45.1% supply increase, making it the eighth-largest contender in the stablecoin landscape.
Among the top ten, Pax Dollar (USDP) experienced a 6.7% reduction in supply, while Liquity USD (LUSD) faced a 12.6% decrease over the past 30 days. Additionally, PayPal’s recently introduced dollar-pegged token swiftly became the 15th largest stablecoin.
Clever Robot News Desk 6th November 2023
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