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While the stablecoin economy experienced tepid growth in June, it expanded by $344.15 million over the past seven days. Paypal’s PYUSD, currently the eighth largest stablecoin by market capitalization, led the growth over the past 30 days, increasing 41.2% to reach $585.25 million.
Stablecoin Economy Grows as Bitcoin and Ethereum Prices Rise
Bitcoin and ethereum prices rose 12.4% and 11.2%, respectively, against the U.S. dollar over the last week. Alongside this increase, the stablecoin economy grew by 0.21%. On July 10, 2024, the stablecoin market was valued at $162.81 billion; today, July 17, it stands at $163.16 billion. Tether (USDT) holds the top position with a market valuation around $112.99 billion. However, the circulation of USDT increased by just 0.7% this month.
Circle’s usd coin (USDC) saw a supply increase of about 4.4% over the 30-day period, with a current market cap of $33.81 billion. DAI experienced 1.8% growth, USDE saw a 3.7% reduction, and FDUSD supply decreased by 22.7% this month. USDD rose 1.1%, while the supply of frax dollar (FRAX) remained unchanged over the 30 days. PYUSD, the stablecoin issued by Paypal and Paxos, saw its supply increase by 41.2%.
With a market valuation of $585.25 million, PYUSD ranks as the eighth largest U.S. dollar-pegged crypto asset. TUSD holds the ninth position, with a modest 0.3% rise in supply, bringing its market valuation to approximately $493 million. The tenth largest stablecoin, Blast’s USDB, experienced a 1.2% decline since June 17. On Wednesday, USDB’s market cap stood at about $399 million.
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