The stablecoin sector achieved a major milestone on March 20, 2024, hitting the $150 billion mark because the dollar-anchored market continues its growth. Within the final 5 days, the stablecoin sphere expanded by $980 million, breaking previous the most recent threshold.
Stablecoin Market Worth Tops $150 Billion
The full worth of all stablecoins now stands at $150.01 billion, a degree final noticed on the shut of September 2022. Previously 24 hours, stablecoins have led the cost in world commerce quantity, accounting for $117 billion of the $188 billion complete seen throughout the whole cryptocurrency market. On the forefront by way of market capitalization is tether (USDT), boasting a market worth of $104.22 billion.
This positions USDT as holding 69.47% of the entire stablecoin market’s worth. During the last month, USDT’s provide elevated by 6.2%. In the meantime, USDC witnessed a ten.6% progress in the identical timeframe, reaching a market worth of roughly $31.41 billion. USDC now claims 20.93% of the stablecoin market share, indicating that collectively, USDT and USDC symbolize over 90% of the entire worth of the U.S. dollar-pegged crypto financial system.
The third and fourth largest stablecoins, DAI and FDUSD, skilled decreases of their provides by 4.9% and 4%, respectively. Makerdao’s DAI is at present valued at about $4.69 billion, whereas FDUSD’s market capitalization stands at $2.75 billion. The fifth-largest stablecoin, Ethena’s USDE, noticed its provide enhance by a staggering 389.1% over the previous month and by 12.3% within the final 5 days, bringing its market worth to $1.18 billion on March 20, 2024.
Whereas TUSD noticed a 33.8% decline in its provide over the month, it was Paypal’s PYUSD that skilled the steepest drop, with its provide falling by 38.6% to a present worth of $188 million. Tron’s USDD and FRAX recorded modest provide decreases starting from 1.9% to 0.7% over the month. Conversely, the paxos greenback (USDP) noticed a 17% discount in its provide throughout the identical interval. Regardless of these downturns, general will increase have propelled the entire market capitalization by practically $1 billion in below per week.
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