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In the past month, the stablecoin market has kept its upward momentum, with four out of the top five U.S. dollar-pegged tokens increasing in supply. Since Sept. 15, the stablecoin economy has expanded by $1.04 billion, all within just six days.
Tether, USDC See Supply Boosts as Stablecoin Market Grows by $1B in Less Than a Week
In less than a week, another billion dollars flowed into the stablecoin economy. Six days ago, the market stood at $172.19 billion, and today, it’s nudged up to $173.23 billion. Tether (USDT), the top stablecoin by market cap, experienced a 1.5% increase in supply over the last 30 days, adding $380 million since Sept. 15.
Circle’s USDC wasn’t far behind, growing its supply by 2.9% over the past month. In the last six days alone, USDC’s supply surged by $130 million. Meanwhile, DAI saw a 3.2% increase since Aug. 21, with a $190 million boost since Sept. 15. First Digital’s FDUSD showed even stronger growth, rising by 11% and reaching a market cap of $2.94 billion as of Sept. 21.
On the flip side, Ethena’s USDE was the outlier, dropping 14.7% of its market cap value since Aug. 21. In the past six days, $80 million was pulled from USDE’s supply. Smaller stablecoins also saw some action, with GHO and DEUSD recording inflows. GHO jumped by 26%, and DEUSD posted a 16.6% gain over the past month.
What do you think about the recent stablecoin economy growth? Share your thoughts and opinions about this subject in the comments section below.
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