Summary:
Stablecoin economy adds $1.08 billion in 15 days.
Tether (USDT) supply increases by 790 million.
Stablecoin market cap rises from $169.72 billion to $170.80 billion.
Stablecoins contributed $80.16 billion of the $114.2 billion traded recently.
Despite some declines, Tether continues to dominate the market.
In the past 15 days, the stablecoin economy has seen a remarkable expansion, adding $1.08 billion to its overall value. Despite a slowdown, this growth highlights the resilience of the stablecoin market. From August 23, 2024 to September 7, 2024, the total market cap increased from $169.72 billion to $170.80 billion. During this period, the stablecoin economy dominated trading activity, contributing $80.16 billion out of $114.2 billion traded in the last 24 hours.
Key Players in the Stablecoin Market
- Tether (USDT) experienced significant growth, with its supply rising from 117.39 billion to 118.18 billion USDT.
- Circle's USDC saw a smaller increase of 50 million over the same period.
- Conversely, DAI's market supply decreased by 60 million, and Ethena's USDE supply fell by 330 million. Despite these declines, Tether and other stablecoins have managed to sustain the upward trend of the stablecoin economy, albeit at a slower pace than in previous weeks.
Market Dynamics
The growth rate has slowed compared to earlier increases; for instance, in the five days leading up to August 23, the stablecoin market grew by $1.3 billion. This recent performance suggests a shifting landscape in the stablecoin sector, where the dominance of Tether is increasingly pronounced.
What are your thoughts on the $1.08 billion added to the stablecoin economy over the past two weeks? Share your insights in the comments below!
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