The stablecoin sector achieved a significant milestone on March 20, 2024, hitting the $150 billion mark as the dollar-anchored market continues its expansion. In the last five days, the stablecoin sphere expanded by $980 million, breaking past the latest threshold.
Stablecoin Market Value Tops $150 Billion
The total value of all stablecoins now stands at $150.01 billion, a level last observed at the close of September 2022. In the past 24 hours, stablecoins have led the charge in global trade volume, accounting for $117 billion of the $188 billion total seen across the entire cryptocurrency market. At the forefront in terms of market capitalization is tether (USDT), boasting a market value of $104.22 billion.
This positions USDT as holding 69.47% of the total stablecoin market’s value. Over the last month, USDT’s supply increased by 6.2%. Meanwhile, USDC witnessed a 10.6% growth in the same timeframe, reaching a market value of approximately $31.41 billion. USDC now claims 20.93% of the stablecoin market share, indicating that together, USDT and USDC represent over 90% of the total value of the U.S. dollar-pegged crypto economy.
The third and fourth biggest stablecoins, DAI and FDUSD, experienced decreases in their supplies by 4.9% and 4%, respectively. Makerdao’s DAI is currently valued at about $4.69 billion, whereas FDUSD’s market capitalization stands at $2.75 billion. The fifth-largest stablecoin, Ethena’s USDE, saw its supply increase by a staggering 389.1% over the past month and by 12.3% in the last five days, bringing its market value to $1.18 billion on March 20, 2024.
While TUSD saw a 33.8% decline in its supply over the month, it was Paypal’s PYUSD that experienced the steepest drop, with its supply falling by 38.6% to a current value of $188 million. Tron’s USDD and FRAX recorded modest supply decreases ranging from 1.9% to 0.7% over the month. Conversely, the paxos dollar (USDP) saw a 17% reduction in its supply during the same period. Despite these downturns, overall increases have propelled the total market capitalization by nearly $1 billion in under a week.
What do you think about the stablecoin economy’s steady growth? Let us know what you think about this subject in the comments section below.
