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With a 5% upswing in the crypto economy over the past day, following a broad market recovery, the stablecoin economy has ballooned by $1.53 billion in just three days. A notable $750 million of that growth occurred within the last 24 hours alone.
Tether’s $1.26B Growth Fuels Stablecoin Expansion
Not long ago, the crypto market experienced sharp declines in leading assets like BTC and ETH, but in the past 72 hours, things have taken a turn for the better. After dipping below the $50,000 mark on Aug. 5, 2024, BTC is now trading at $60,410 as of 8:30 a.m. EDT on Aug. 9. During this period, the stablecoin economy also expanded by $1.53 billion.
An archived snapshot reveals that $750 million, or more than 49% of the total $1.53 billion, was added in just the past day. Most of the recent growth came from tether (USDT), the largest stablecoin by market valuation. The day before Monday’s crypto market shakeup, USDT’s market valuation was about $114.36 billion.
Today, USDT’s market cap has reached $115.62 billion, indicating that $1.26 billion of the total growth came from USDT alone. In the $2.12 trillion crypto market economy, USDT’s market cap now accounts for 5.45%, meaning that between BTC, ETH, and USDT, these three assets make up 76.85% of the crypto market’s total value. Other stablecoins that have seen smaller, yet steady, increases in the past few days include GHO, USDC, PYUSD, and USDM.
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