The stablecoin market has experienced a notable surge of $2.21 billion within a week, from August 9 to August 18. Leading this growth, Tether (USDT) added $1.26 billion to its supply, now making up 69.4% of the $168.42 billion stablecoin market. This represents a 2.9% increase in Tether’s supply over the past 30 days.
PYUSD, the PayPal-backed stablecoin, also saw significant growth, with its supply rising by $140.9 million over ten days. This increase propelled PYUSD to become the sixth largest stablecoin, with a market cap of $828.86 million as of August 18, marking a 41.5% rise since mid-July 2024.
In contrast, other major stablecoins showed mixed results. USD Coin (USDC) saw a 3.3% increase in the last month, while Makerdao’s DAI decreased by 1%, and Ethena’s USDE fell by 9.2%, struggling to maintain a $3 billion market cap.
FDUSD from First Digital saw a significant 17.2% rise, while stablecoins like Frax Dollar (FRAX) and True USD (TUSD) remained stagnant. Smaller stablecoins also showed varied performance, with Alchemix USD (ALUSD) rising by 1.1% and Aave’s GHO increasing by 19% since July 19. Conversely, Paxos’ USDP and Gemini Dollar (GUSD) saw declines of 6.5% and 6.9%, respectively.
Overall, the recent growth in the stablecoin market is predominantly driven by Tether and PYUSD, reflecting increased interest and activity within the broader crypto economy. The ongoing performance of these stablecoins will be pivotal in shaping the future of digital assets.
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