Over the last 90 days, the stablecoin economy expanded by over 11%, with $16.23 billion infused into the market of fiat-pegged crypto tokens. In the past 30 days, USDE, the fourth largest U.S. dollar-pegged coin, experienced a 46.1% increase in its supply.
Stablecoin Market Swelled Last Season; USDE Climbs to Fourth Largest Dollar-Pegged Token
While the past month has seen minimal growth in the stablecoin economy, the previous 90 days have welcomed an influx of $16.23 billion. For example, on March 11, the market cap of tether (USDT) was $101.18 billion, which has climbed to $112.5 billion today. This indicates that, over the season, USDT’s supply increased by $11.32 billion.
Consequently, USDT accounted for more than 69% of the $16.23 billion entering the stablecoin market in the last 90 days. Over the past month, USDT’s supply has risen by 1.3%. Meanwhile, Circle’s usd coin (USDC) experienced a 2.7% decline over the last month, yet it showed growth across the 90-day span, moving from a market cap of $29.88 billion on March 11 to $32.23 billion today.
Makerdao’s DAI, with a market valuation of $4.55 billion 90 days ago, has reached $5.26 billion today, despite a 3% decrease over the past month. Ethena’s USDE, which was the sixth-largest by market cap 90 days ago, has now risen to fourth place. At that time, it boasted a market cap of $848 million following a 334% increase in 30 days.
Today, USDE’s market cap has risen to $3.36 billion, with the USDE supply rising by 46.1% in the past month. First Digital’s FDUSD, ranked fourth in market cap on March 11, has slipped to fifth place, with a 14.2% reduction over the last 30 days, bringing its market cap to $3.27 billion, just under USDE’s.
What do you think about the stablecoin market’s growth over the past 90 and 30 days? Share your thoughts and opinions about this subject in the comments section below.
