Over the past 15 days, the stablecoin economy has shown modest but steady growth, adding $1.08 billion. Tether’s market cap, in particular, has increased by $790 million during this period. Other stablecoins have also experienced changes at various levels.
Progress in the Stablecoin Market
The stablecoin market increased from $169.72 billion to $170.80 billion between August 23, 2024 and September 7, 2024. A total growth of $1.08 billion was recorded during this period. The stablecoin market accounted for $80.16 billion of the $114.2 billion trade volume in the last 24 hours. This shows that stablecoins continue to play an important role in trade volume. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
The Rise of Tether and Other Stablecoins
During this period, the supply of Tether (USDT) increased from $117.39 billion to $118.18 billion. This increase has been a major contributor to the growth of the stablecoin market. Circle’s USDC stablecoin recorded a smaller increase of $50 million during the same period. However, some other stablecoins experienced declines. For example, the supply of DAI has decreased by $60 million since August 23.
Changes in Other Stablecoins
Ethena, one of the active stablecoins, saw a $330 million decrease in USDE supply. Similarly, FDUSD, although it briefly surpassed USDE, has now fallen again to $2.56 billion. FDUSD recorded a decrease in market supply with a $90 million decrease. Despite these decreases, the increase in Tether and several other stablecoins allowed the overall growth in the market to continue.
There is a slowdown in the growth rate in the stablecoin market. In the five days leading up to August 23, the market grew by $1.3 billion, but in the last 15 days, this growth rate has slowed to $1.08 billion. This shows that growth in the stablecoin market continues, but at a slower pace than in previous weeks.
The stablecoin market has added $1.08 billion in the last 15 days. Despite this slow growth, Tether played an important role.
This slow growth in the market may be a sign of a less volatile period in general. Nevertheless, the strong influence of stablecoins on the markets and their continued large share of trading volumes show that this asset class maintains its importance. In particular, the influence of large stablecoins such as Tether on the market continues to determine the direction of growth.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
