In the midst of the crypto market’s slump, stablecoins are doing well with phenomenal growth of $4.95 billion in just 12 days. Ethena’s USDE explodes with +376%, while Tether crosses the $103 billion capitalization milestone.
Sustained growth of stablecoins despite the decline in the crypto market
Despite a 4.4% decline in the overall crypto market on March 15, 2024, stablecoins were able to do well, capturing a substantial share of trade.
Out of a total global trading volume of $256.8 billion, dollar-backed tokens alone account for $172.9 billion, more than two thirds of transactions. This proportion highlights the preponderant role of stablecoins as a safe haven in times of turbulence.
Tether (USDT), the undisputed market leader, saw its supply increase by 6.7% compared to the previous month, reaching a market capitalization of $103.4 billion and generating $130 billion in trading volume alone. exchanges over 24 hours.
USDC is not far behind, posting a robust growth of 8.7% in 30 days to reach a valuation of $30.5 billion.
Between consolidation and new challengers
If sector giants such as Tether and USDC consolidate their dominant position, new ambitious players are entering the market, determined to redistribute the cards and challenge the established order.
Still little known until recently, Ethena’s USDE saw its supply jump by 376.8% in the space of a month. With a capitalization now exceeding a billion dollars, this stablecoin is establishing itself as a formidable challenger, determined to carve out a place in the sun.
Among other notable players, FDUSD posted a solid 5.8% increase in supply, reaching a valuation of $3 billion. Conversely, certain stablecoins such as Paypal’s PYUSD (-32.8%) and Paxos’ USDP (-25.8%) suffered a marked decline, illustrating the disparities in performance within this ecosystem in full swing. boiling.
As the stablecoin sector continues its rapid development, with a total valuation reaching a new peak at $149.03 billion, the question of its sustainability arises acutely. Between promises of stability and regulatory challenges, the future of these digital assets backed by the dollar remains to be written.
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