The stablecoin market has experienced modest growth over the past two weeks, with valuations increasing by approximately $590 million. Among the top five U.S. dollar stablecoins, Ethena’s USDE saw the largest supply growth, rising 17.5%. In contrast, First Digital’s FDUSD experienced a 29% supply decrease.
Stablecoin Valuations Adjust With Diverse Market Movements in May
Since May 11, 2024, the stablecoin market has expanded from $160.86 billion to $161.45 billion, a $590 million increase over the past two weeks. Tether (USDT) boasts a market capitalization of approximately $111.95 billion, representing 69.34% of the entire stablecoin market.
USDT’s supply has grown by 1.3% in the last 30 days. Conversely, Circle’s usd coin (USDC) has seen a 1.9% decline over the same period, with its market valuation at $32.72 billion as of Sunday, May 26, 2024. Makerdao’s DAI now holds a market cap of about $5.29 billion, reflecting a 1.8% increase over the past month.
FDUSD experienced the most significant reduction in the 30-day period, with 29% of its supply redeemed, bringing its market cap to $3.13 billion at press time. In contrast, Ethena’s USDE saw a 17.5% increase in supply over the same period, resulting in a market valuation of approximately $2.78 billion on Sunday.
Tron’s USDD saw a 2.6% rise, currently holding a market cap of $731.29 million. Frax dollar’s (FRAX) supply has remained stable this month, with a market cap of about $648 million. True usd (TUSD) experienced a slight 0.4% decrease, with its overall market valuation at $507 million this weekend.
Gemini’s gemini dollar (GUSD) has climbed back into the top ten stablecoins, now positioned at number nine. GUSD recorded an impressive 336.2% increase in supply over the last 30 days, the largest percentage gain among the top ten.
GUSD’s market cap now stands at around $432 million. The tenth largest USD stablecoin, paypal usd (PYUSD), has seen a 31.8% increase, bringing its market cap to approximately $398 million. These recent shifts in the stablecoin market suggest a cautious yet resilient environment, with some assets gaining traction while others experience declines.
What do you think about the stablecoin growth over the last two weeks? Share your thoughts and opinions about this subject in the comments section below.
