đ„đšStablecoin Market Grew by $555 Million in October â Which Tokens Are Leading the Packâđ„
According to the latest data, the stablecoin economy now holds a value of $172.892 billion, with October adding $555 million to the fiat-pegged token market.
đžStablecoin Market Continues to Climb
Last month saw stablecoins grow modestly, with the market inching up 0.32% from $172.337 billion to $172.892 billion. Leading the pack, tether (USDT) now boasts a sizable market cap of $120.522 billion, which translates to 69.71% of the stablecoin sectorâs total value. Octoberâs numbers indicate a 0.7% rise in USDTâs supply. In second place, usd coin (USDC) holds a $34.629 billion market cap, marking a 1.9% dip from the previous month.
DAI experienced a 2.9% drop in October, bringing its market cap to $4.887 billionâa shift primarily due to Skyâs USDS, which rose to $1.082 billion. Notably, DAI tokens can be exchanged for USDS on a one-to-one basis. Ethenaâs USDE ranks fourth, with a market value of around $2.755 billion, after seeing an 8.7% increase in last month. Meanwhile, the fifth-largest stablecoin, FDUSD, declined by 10.78%, settling at $2.156 billion.
This shift with DAI places USDS in the sixth position out of the top ten U.S. dollar-pegged coins with a market cap of $1.082 billion. Stablecoins continue to dominate trading activity, accounting for $30.068 billion of the crypto economyâs $70.116 billion in trades over the past 24 hours. That means roughly 42.88% of all trades are completed with stablecoins, leaving other assets to settle the remaining trades.
Despite the ups and downs of individual token supplies, the stablecoin sectorâs gradual growth points to sustained interest in fiat-pegged assets within the crypto space. Representing nearly half of all crypto trading volume, stablecoins have secured their role in the ecosystem, providing a steadying influence. The changing market caps of tokens like USDT, USDC, DAI, FDUSD, and the newly launched USDS, highlight the diverse forces shaping this evolving ecosystem.
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