Over the last few weeks, the market value of leading stablecoins has experienced a notable increase. The economy of these fiat-pegged tokens expanded from $123.66 billion to the present $129.14 billion. This substantial growth of almost $6 billion comes after the stablecoin industry shed tens of billions in the last year. Notably, tokens such as BUSD, USDP, and USDC recorded considerable redemptions over the past 12 months.
Stablecoins Experience Multi-Billion-Dollar Market Expansion in Three Weeks
Recent data indicates that from November 2 to November 24, 2023, spanning 22 days, the stablecoin market expanded by $5.48 billion. Over the previous 24 hours, fiat-pegged cryptocurrencies achieved a trading volume of $50.74 billion, in contrast to the global total trading volume of $88.65 billion.
The metrics show stablecoin swaps constitute 57.23% of the overall trading volume worldwide. Tether (USDT) leads with a market value of $88.59 billion, comprising 68.59% of the total $129.14 billion market capitalization and accounting for 5.93% of the entire $1.4 trillion crypto economy.
In the last 22 days, USDT’s market cap has increased by 4.24%. Usd coin (USDC) also experienced a modest growth since November 2, with its market cap rising 0.81% from $24.5 billion to the present $24.7 billion.
DAI’s market value has risen by 43.2%, while trueusd’s (TUSD) supply has decreased by 5.38% since November 2. BUSD has been declining throughout the year following Paxos’s decision to stop minting BUSD.
Twenty-two days ago, BUSD’s market cap was at $1.95 billion, which has now fallen to $1.74 billion, a 10.76% drop. The newcomer first digital usd (FDUSD) has seen its market value increase from $590 million to $733 million, marking a 24.23% rise.
Tron’s USDD fell slightly from $725 million, down by 0.82% to the current $719 million. Frax Dollar (FRAX) also saw a slight decrease of 0.44%, going from $671 million to $668 million in the same period.
Paxos, which supports the issuance of Paypal’s PYUSD, observed a 1.10% reduction in the supply of pax dollar (USDP) from $453 million to $448 million. The tenth-largest stablecoin by market value, liquity usd (LUSD), experienced a drop in its supply from $220 million to $205 million. The market capitalizations of alchemix usd (ALUSD) and paypal usd (PYUSD) remained relatively unchanged.
What do you think about the stablecoin market’s growth over the past three weeks? Share your thoughts and opinions about this subject in the comments section below.
