Stablecoin Market Rises by Over $600M in October Despite Mixed Supply Dynamics
The stablecoin economy experienced growth in October after several consecutive monthly declines. In the last month, a total of $608 million was added to the fiat-pegged token market. Despite the increase, six stablecoins out of the top ten saw supply reductions during the month.
Fiat-Pegged Token Market Grows Modestly in October, With First Digital and Tether Leading the Charge
Last month, tether (USDT), the largest stablecoin by market capitalization, experienced a 1.9% increase in its supply, bringing its current market valuation to approximately $84.98 billion. At the close of September 30, 2023, the crypto asset’s market cap stood at $83.22 billion.
Notably, across 456 crypto exchanges that list Tether, the stablecoin recorded $19.79 billion in global trade volume over the past 24 hours, accounting for more than 27% of the total $71.77 billion in trades conducted during the same period across the entire ecosystem.
Furthermore, throughout October, the fiat-pegged market grew from $123.05 billion to $123.66 billion, representing a modest uptick of just 0.495%, equivalent to $608 million, in the stablecoin market over the course of the month.
Over the past 30 days, Circle’s usd coin (USDC) witnessed a 3.4% reduction, resulting in its current market valuation of $24.50 billion. In comparison, Makerdao’s DAI, the third-largest in market valuation, lags significantly behind, standing at $3.72 billion. DAI also experienced a 3% reduction during October.
Trueusd (TUSD) saw its supply decrease by 3.1% over the course of the month, currently resting at $3.34 billion. However, the most notable reduction in October was observed in BUSD, with a substantial 13.1% of its supply redeemed.
BUSD’s market valuation has dipped below the $2 billion threshold, now at $1.95 billion. Meanwhile, the Tron-issued USDD token experienced a slight 0.4% reduction, and FRAX’s supply drop was even lighter, at 0.2%.
October’s standout in the stablecoin landscape was first digital usd (FDUSD), which experienced a 45.1% supply rise. This surge has propelled FDUSD’s total supply to 544.26 million FDUSD tokens, establishing it as the eighth-largest contender in the stablecoin arena.
Among the top ten, pax dollar (USDP) witnessed a 6.7% reduction in supply, while liquity usd (LUSD) faced a 12.6% decrease over the past 30 days. Paypal‘s recently introduced dollar-pegged token has made a swift jump to become the 15th largest stablecoin.
What do you think about October’s stablecoin action? Share your thoughts and opinions about this subject in the comments section below.
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Stablecoin Market Rises by Over $600M in October Despite Mixed Supply Dynamics
The stablecoin economy experienced growth in October after several consecutive monthly declines. In the last month, a total of $608 million was added to the fiat-pegged token market. Despite the increase, six stablecoins out of the top ten saw supply reductions during the month.
Fiat-Pegged Token Market Grows Modestly in October, With First Digital and Tether Leading the Charge
Last month, tether (USDT), the largest stablecoin by market capitalization, experienced a 1.9% increase in its supply, bringing its current market valuation to approximately $84.98 billion. At the close of September 30, 2023, the crypto asset’s market cap stood at $83.22 billion.
Notably, across 456 crypto exchanges that list Tether, the stablecoin recorded $19.79 billion in global trade volume over the past 24 hours, accounting for more than 27% of the total $71.77 billion in trades conducted during the same period across the entire ecosystem.
Furthermore, throughout October, the fiat-pegged market grew from $123.05 billion to $123.66 billion, representing a modest uptick of just 0.495%, equivalent to $608 million, in the stablecoin market over the course of the month.
Over the past 30 days, Circle’s usd coin (USDC) witnessed a 3.4% reduction, resulting in its current market valuation of $24.50 billion. In comparison, Makerdao’s DAI, the third-largest in market valuation, lags significantly behind, standing at $3.72 billion. DAI also experienced a 3% reduction during October.
Trueusd (TUSD) saw its supply decrease by 3.1% over the course of the month, currently resting at $3.34 billion. However, the most notable reduction in October was observed in BUSD, with a substantial 13.1% of its supply redeemed.
BUSD’s market valuation has dipped below the $2 billion threshold, now at $1.95 billion. Meanwhile, the Tron-issued USDD token experienced a slight 0.4% reduction, and FRAX’s supply drop was even lighter, at 0.2%.
October’s standout in the stablecoin landscape was first digital usd (FDUSD), which experienced a 45.1% supply rise. This surge has propelled FDUSD’s total supply to 544.26 million FDUSD tokens, establishing it as the eighth-largest contender in the stablecoin arena.
Among the top ten, pax dollar (USDP) witnessed a 6.7% reduction in supply, while liquity usd (LUSD) faced a 12.6% decrease over the past 30 days. Paypal‘s recently introduced dollar-pegged token has made a swift jump to become the 15th largest stablecoin.
What do you think about October’s stablecoin action? Share your thoughts and opinions about this subject in the comments section below.
Read More