CryptoNews

$16B Injected Into Stablecoin Economy in 90 Days; Tether Claims 69% of Total

Stablecoin Market Update: $16.23 Billion Injected in 90 Days

Over the last 90 days, the stablecoin economy expanded by over 11%, with $16.23 billion infused into the market of fiat-pegged crypto tokens. In the past 30 days, USDE, the fourth largest U.S. dollar-pegged coin, experienced a 46.1% increase in its supply.

Stablecoin Market Swelled Last Season; USDE Climbs to Fourth Largest Dollar-Pegged Token

While the past month has seen minimal growth in the stablecoin economy, the previous 90 days have welcomed an influx of $16.23 billion. For example, on March 11, the market cap of tether (USDT) was $101.18 billion, which has climbed to $112.5 billion today. This indicates that, over the season, USDT’s supply increased by $11.32 billion.

Read More: Tether, a Stablecoin Issuer, Completes SOC 2 Type 1 Security Audit

Consequently, USDT accounted for more than 69% of the $16.23 billion entering the stablecoin market in the last 90 days. Over the past month, USDT’s supply has risen by 1.3%. Meanwhile, Circle’s usd coin (USDC) experienced a 2.7% decline over the last month, yet it showed growth across the 90-day span, moving from a market cap of $29.88 billion on March 11 to $32.23 billion today.

Makerdao’s DAI, with a market valuation of $4.55 billion 90 days ago, has reached $5.26 billion today, despite a 3% decrease over the past month. Ethena’s USDE, which was the sixth-largest by market cap 90 days ago, has now risen to fourth place. At that time, it boasted a market cap of $848 million following a 334% increase in 30 days.

Today, USDE’s market cap has risen to $3.36 billion, with the USDE supply rising by 46.1% in the past month. First Digital’s FDUSD, ranked fourth in market cap on March 11, has slipped to fifth place, with a 14.2% reduction over the last 30 days, bringing its market cap to $3.27 billion, just under USDE’s.

Source: Bitcoin

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