In the past 15 days, the stablecoin economy experienced modest yet steady expansion, adding $1.08 billion to its overall value. During this time, tether’s market capitalization increased by 790 million.
Modest $1.08B Growth in Stablecoin Market Since Aug. 23
Growth in the stablecoin economy has slowed, though it continues to expand, as highlighted by recent statistics. From Aug. 23, 2024, to Sept. 7, 2024, the stablecoin market grew from $169.72 billion to $170.80 billion, a gain of $1.08 billion. On Saturday, the stablecoin economy dominated trade volume, contributing $80.16 billion of the $114.2 billion traded in the last 24 hours.
Tether (USDT) saw its supply rise from 117.39 billion to 118.18 billion USDT, while Circle’s USDC experienced smaller gains, increasing by 50 million over the 15-day span. However, DAI’s market supply dropped by 60 million since Aug. 23. Ethena’s USDE supply decreased by 330 million, and although FDUSD briefly surpassed USDE, it has since fallen back.
FDUSD, which stood at 2.65 billion, is now down 90 million, sitting at 2.56 billion today. Despite these reductions, the growth in USDT and several other stablecoins helped the stablecoin economy continue its upward trend, albeit at a slower pace compared to previous weeks. For instance, in the five days leading up to Aug. 23, the stablecoin economy expanded by $1.3 billion.
What do you think about the $1.08 billion added to the stablecoin economy over the last 15 days? Share your thoughts and opinions about this subject in the comments section below.