Steady Growth: Stablecoin Market Capitalization Rises by 2.31% in a Week
Date: 2024-03-04 Author: Dima Zakharov Categories: BLOCKCHAIN
Stablecoins Showcase Significant Growth
Last week and throughout February, stablecoins have shown significant growth. Since February 24, 2024, the market value of stablecoins has increased by $3.26 billion, or 2.31%.
Tether (USDT) and USDC Witness Increases
Over the last 30 days, Tether (USDT) has seen a 3.5% increase, nearing a significant milestone of $100 billion in market capitalization. On Sunday, the circulating supply of USDT slightly decreased to $99.44 billion. Meanwhile, USDC's supply has grown by 8% in the same period, reaching a market capitalization of $29 billion.
DAI and FDUSD Surge, TUSD Faces Challenges
DAI's market capitalization has grown by 2.7%, surpassing $5 billion, while FDUSD saw a 26% increase in February, reaching $3.26 billion by Sunday. However, TUSD experienced a 12.3% decrease in supply last month, struggling to maintain its peg and trading at $0.973. By Sunday, TUSD recovered to $0.998. USDD by Tron rose by 2.1%, reaching a market capitalization of $735 million. USDE by Ethena demonstrated significant growth of 374.4%, reaching approximately $695 million by Sunday.
FRAX, PYUSD, and USDP Performance
FRAX experienced a slight decrease of 0.1% in February, with a market capitalization of $648 million, slightly lower than USDE. PayPal USD (PYUSD) and PAX Dollar (USDP) witnessed decreases of 12.4% and 42.6% respectively last month, with market capitalizations of $264 million and $202 million respectively.
