Over the past month, the stablecoin market has remained relatively steady, with the total market capitalization hovering around $124 billion. This stability comes after a period of significant volatility and redemptions earlier in the year.
Tether (USDT) has firmly remained the dominant stablecoin, with its market cap now exceeding $83 billion after a moderate 0.8% increase over the last 30 days. As the most widely used stablecoin, Tether continues to play a pivotal role in crypto market activities.
Behind Tether, USD Coin (USDC) holds its position as the 2nd largest stablecoin at $26.16 billion market cap, having seen a minor 0.6% uptick in supply in the past month. DAI, the decentralized stablecoin built on Ethereum, underwent a small 1.1% drop in supply over the past 30 days, bringing its market cap to $3.84 billion.
Further down the rankings, major shifts have occurred among other top stablecoins. TUSD saw substantial growth of 12.9%, propelling its market cap to $3.1 billion. In contrast, BUSD experienced a sizable 23.8% decline, falling below $3 billion. BUSD now ranks as the 5th largest stablecoin.
Looking beyond the top stablecoins, various diverging trends emerge. FRAX underwent a 16.5% drop in supply while USDP declined 2.4% over the past month. On the flip side, FDUSD saw huge growth of 52.7%, bringing its market cap to $393 million.
Overall, the stablecoin sector appears to be stabilizing after a period of volatility. Redemptions have moderated and total market caps remain steady, signaling renewed confidence. The combined 24-hour trading volume of all stablecoins exceeds $11.5 billion, making up over 54% of total crypto trading volume. This stablecoin dominance highlights their importance as the crypto market searches for steadiness.
#Stablecoins #Tether #USDT #Cryptocurrency #DeFi
