The stablecoin economy has remained relatively lackluster over the past 30 days, fluctuating slightly above or slightly below the $124 billion range. In the last 24 hours, the global trade volume for fiat and commodity-pegged tokens has reached $11.55 billion.
Stablecoin Market Shows Resilience Amidst Volume Stagnation and Redemptions
As of September 17, 2023, coingecko.com reports that the total value of all stablecoin tokens is $123.86 billion. Tether (USDT), the leading stablecoin by market capitalization, holds the top position with $83,050,991,214. USDT’s supply increased by 0.8% over the past month.
On Sunday, USDC’s market cap stood at $26.16 billion, with its supply increasing by 0.6% in the past 30 days. DAI’s supply has decreased by 1.1% compared to 30 days ago, currently standing at $3.84 billion. TUSD’s supply has surged, showing a 12.9% increase over the month, bringing its market cap to $3.1 billion. Binance usd (BUSD) has experienced a significant supply decrease of 23.8% over the same period, falling below the $3 billion mark.
With a market cap of $2.49 billion, BUSD now ranks as the fifth-largest stable token by valuation. BUSD is followed by Tron’s USDD, which has increased by 0.7% to reach $724 million. FRAX, Frax’s stablecoin, has seen its supply decrease by 16.5% in the past 30 days, resulting in a current market cap of $669 million. Pax Dollar (USDP) has decreased by 2.4% in the past month, with a market cap hovering around $492 million.
FDUSD has experienced the most significant growth, rising by 52.7% over the 30-day period. FDUSD’s market cap today is $393 million, with approximately $136.72 million in 24-hour trade volume. Liquity USD (LUSD) has seen a 1.8% decrease in supply over the past 30 days and currently has a market cap of around $280 million.
In recent months, stablecoins have seen significant redemptions and lower trade volumes, similar to previous months. Presently, however, redemptions (except for BUSD) have slowed, and the market valuation of fiat-pegged tokens has stabilized. Today’s stablecoin trade volume of approximately $11.55 billion accounts for 54.07% of the day’s total trading volume across the entire crypto economy, reflecting this stability.
What do you think about the stablecoin action over the last 30 days? Share your thoughts and opinions about this subject in the comments section below.