In recent weeks, the market value of major stablecoins has seen a notable increase. The economy of these fiat-pegged tokens expanded from $123.66 billion to the current $129.14 billion. This substantial growth of nearly $6 billion comes after the stablecoin industry lost tens of billions last year. In particular, tokens like BUSD, USDP, and USDC have seen considerable redemptions over the past 12 months.
Stablecoins see multi-billion dollar market expansion in three weeks
Recent data indicates that from November 2 to 24, 2023, over 22 days, the stablecoin market expanded by $5.48 billion. In the last 24 hours, fiat-pegged cryptocurrencies reached a trading volume of $50.74 billion, in contrast to the total global trading volume of $88.65 billion.
Metrics show that stablecoin swaps account for 57.23% of total trading volume worldwide. Tether (USDT) leads the way with a market cap of $88.59 billion, accounting for 68.59% of the total market capitalization of $129.14 billion and accounting for 5.93% of the entire US$ crypto economy 1.4 trillion.
Over the past 22 days, USDT market capitalization has increased by 4.24%. The USD coin (USDC) has also seen modest growth since November 2, with its market capitalization increasing 0.81% from $24.5 billion to the current $24.7 billion.
The market cap of DAI has increased by 43.2%, while the supply of trueusd (TUSD) has decreased by 5.38% since November 2nd. BUSD has been declining all year following Paxos’ decision to stop minting BUSD.
Twenty-two days ago, BUSD’s market capitalization was $1.95 billion, which has now dropped to $1.74 billion, a drop of 10.76%. The newly arrived first digital dollar (FDUSD) saw its market value increase from $590 million to $733 million, an increase of 24.23%.
Tron’s USDD fell slightly from $725 million, down 0.82% to the current $719 million. The Frax Dollar (FRAX) also had a slight drop of 0.44%, going from US$671 million to US$668 million in the same period.
Paxos, which supports Paypal’s PYUSD issuance, saw a 1.10% reduction in the supply of pax dollars (USDP), from $453 million to $448 million. The tenth largest stablecoin by market cap, Liquidity USD (LUSD), saw its supply drop from $220 million to $205 million. The market capitalizations of alchemix usd (ALUSD) and paypal usd (PYUSD) remained relatively unchanged.