In the last 15 days, the stablecoin economy has shown modest but steady growth by adding $1.08 billion. During this period, especially Tether’s market value increased by $790 million. Other stablecoins also experienced various levels of changes.
Progress in the Stablecoin Market
The stablecoin market rose from $169.72 billion to $170.80 billion between August 23, 2024, and September 7, 2024. During this period, a total growth of $1.08 billion was recorded. Of the $114.2 billion trading volume in the last 24 hours, $80.16 billion was from the stablecoin market. This shows that stablecoins continue to play a significant role in trading volume.
Tether’s Increase and Other Stablecoins
During this period, Tether (USDT) supply increased from $117.39 billion to $118.18 billion. This increase had a significant share in the growth of the stablecoin market. Circle’s USDC stablecoin saw a smaller increase of $50 million in the same period. However, some other stablecoins experienced declines. For example, DAI supply decreased by $60 million since August 23.
Changes in Other Stablecoins
Notable stablecoin Ethena’s USDE supply saw a decrease of $330 million. Similarly, FDUSD briefly surpassed USDE but has since declined to $2.56 billion. FDUSD recorded a decrease of $90 million in market supply. Despite these declines, the increase in Tether and a few other stablecoins ensured the overall market growth continued.
However, there is a slowdown in the growth rate of the stablecoin market. In the five days leading up to August 23, the market grew by $1.3 billion, but in the last 15 days, this growth rate slowed to $1.08 billion. This indicates that while the stablecoin market continues to grow, it is at a slower pace compared to previous weeks.
In the last 15 days, $1.08 billion was added to the stablecoin market. Despite this slow growth, Tether played a significant role.
This slow growth in the market may signal a generally less active period. Nevertheless, the strong impact of stablecoins on the markets and their significant share in trading volume show that this asset class remains important. Especially the influence of large stablecoins like Tether continues to determine the direction of growth.
