Accordingtothelatestdata,thestablecoineconomynowholdsavalueof$172.892billion,withOctoberadding$555milliontothefiat-peggedtokenmarket.
StablecoinMarketContinuestoClimb
Lastmonthsawstablecoinsgrowmodestly,withthemarketinchingup0.32%from$172.337billionto$172.892billion.Leadingthepack,tether(USDT)nowboastsasizablemarketcapof$120.522billion,whichtranslatesto69.71%ofthestablecoinsector’stotalvalue.October’snumbersindicatea0.7%riseinUSDT’ssupply.Insecondplace,usdcoin(USDC)holdsa$34.629billionmarketcap,markinga1.9%dipfromthepreviousmonth.
DAIexperienceda2.9%dropinOctober,bringingitsmarketcapto$4.887billion—ashiftprimarilyduetoSky’sUSDS,whichroseto$1.082billion.Notably,DAItokenscanbeexchangedforUSDSonaone-to-onebasis.Ethena’sUSDEranksfourth,withamarketvalueofaround$2.755billion,afterseeingan8.7%increaseinlastmonth.Meanwhile,thefifth-largeststablecoin,FDUSD,declinedby10.78%,settlingat$2.156billion.
ThisshiftwithDAIplacesUSDSinthesixthpositionoutofthetoptenU.S.dollar-peggedcoinswithamarketcapof$1.082billion.Stablecoinscontinuetodominatetradingactivity,accountingfor$30.068billionofthecryptoeconomy’s$70.116billionintradesoverthepast24hours.Thatmeansroughly42.88%ofalltradesarecompletedwithstablecoins,leavingotherassetstosettletheremainingtrades.
Despitetheupsanddownsofindividualtokensupplies,thestablecoinsector’sgradualgrowthpointstosustainedinterestinfiat-peggedassetswithinthecryptospace.Representingnearlyhalfofallcryptotradingvolume,stablecoinshavesecuredtheirroleintheecosystem,providingasteadyinginfluence.ThechangingmarketcapsoftokenslikeUSDT,USDC,DAI,FDUSD,andthenewlylaunchedUSDS,highlightthediverseforcesshapingthisevolvingecosystem.
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