The Stablecoin Market Has Reached a Stable Level of 160 Billion Dollars, With FDUSD and PYUSD Leading the Growth

The Stablecoin Market Has Reached a Stable Level of 160 Billion Dollars, With FDUSD and PYUSD Leading the Growth

Since the end of April, the stablecoin market has maintained a steady course, reaching a significant milestone of 160 billion dollars. Over the past 19 days, the market has shown modest growth, indicating a stable and reliable performance. Notably, the FDUSD currency pair has surged ahead with a remarkable 15.3% increase in supply, leading the top five exchange rates in terms of growth over the past 30 days.

Stablecoin Valuation Remains Unchanged With Minimal Expansion

The increase in availability of the primary cryptocurrencies that are backed by fiat currency has slowed down over the past 19 days, following a period of rapid expansion when it was occurring. At the present moment, the market for stablecoins is estimated to be worth approximately 160.86 billion dollars, and the trading volume within 24 hours is approximately 37.88 billion dollars.

As a consequence of this, the stablecoins that are currently experiencing a high level of demand account for more than half (52%) of the total volume of global trade, which was $72.25 billion in the previous day. The supply of Tether (USDT) has increased by 3.4% over the past thirty days, indicating that it continues to be the most dominant cryptocurrency in terms of both trading volume and supply.

Top five stablecoins by market valuation on May 11, 2024. Source: Coingecko

The market capitalization of USDT, the leading stablecoin, currently stands at a staggering $110.96 billion as of the 11th of May, 2024. This represents a significant 68.97% of the total value of stablecoins, underlining its dominance. In comparison, the value of USDC, the second-largest stablecoin, has increased by 2.8% this month, resulting in a market capitalization of $33.13 billion.

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This substantial figure further solidifies the position of these two stablecoins in the market. Despite a period of decline in the value of Makerdao’s DAI in the preceding months, the cryptocurrency has experienced a surge this month, indicating its resilience in the market.

Top 5 Cryptocurrencies Today:

Name Price24H (%)
Bitcoin (BTC)
Ethereum (ETH)
Tether (USDT)
Cardano (ADA)

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Growth of DAI, FDUSD and Other Stablecoins

There has been a 12.9% increase in the supply of DAI over the past thirty days, which has led to a market valuation of $5.48 billion. This represents 3.4% of the total market value of $160.86 billion. First Digital’s FDUSD has experienced a significant increase of 15.3%, which has recently put it in fierce competition with USDT in terms of stablecoin volumes.

Following a period of expansion, the market capitalization of FDUSD is currently estimated to be somewhere around $3.8 billion. The value of Ethena’s USDE has decreased over the last thirty days, making it the only stablecoin among the top five to experience such a decline. When compared to the previous month, its market valuation has decreased by 1.1%, and it is currently in the position of $2.3 billion.

Throughout these thirty days, the distribution of the majority of other stablecoins has seen a slight increase. On the other hand, the supply of PYUSD, which PayPal issues, has seen a significant increase, with a rise of 96.5% over the month. With a market capitalization of approximately $377 million, PYUSD proudly holds the position of being the ninth largest stablecoin in terms of market value at present.

The recent leveling off in the dynamic world of stablecoins indicates a period of consolidation following a period of rapid expansion in the previous period. As leading competitors like USDT and FDUSD compete for dominance in terms of trade volume, the patterns of their global trade volume could provide insight into how broader market trends will develop.

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