The stablecoin economy has shown resilience despite a relatively lackluster performance over the past 30 days, with fluctuations slightly above or below the $124 billion mark. In the past 24 hours, the global trade volume for fiat and commodity-pegged tokens reached an impressive $11.55 billion.

As of September 17, 2023, data indicates that the total value of all stablecoin tokens is approximately $123.86 billion. Tether (USDT) continues to dominate the market with a capitalization of $83,050,991,214, marking a 0.8% increase in its supply over the past month.

USDC, another major player in the stablecoin market, has a market cap of $26.16 billion, with its supply witnessing a 0.6% growth in the past 30 days. DAI’s supply, however, has decreased by 1.1% over the same period, now valued at $3.84 billion. TUSD has seen a significant surge in its supply, with a 12.9% increase over the month, pushing its market cap to $3.1 billion.

Binance USD (BUSD), on the other hand, has experienced a sharp decline in its supply by 23.8%, falling below the $3 billion threshold. With a market cap of $2.49 billion, BUSD currently ranks as the fifth-largest stable token by valuation. Other notable mentions include Tron’s USDD, which has grown by 0.7% to reach $724 million, and Frax’s stablecoin, which has seen its supply decrease by 16.5% in the past 30 days, resulting in a market cap of $669 million.

In recent times, the stablecoin market has observed significant redemptions and lower trade volumes, mirroring trends from previous months. However, the current scenario indicates a slowdown in redemptions, with the exception of BUSD, and a stabilization in the market valuation of fiat-pegged tokens. The stablecoin trade volume, which stands at roughly $11.55 billion, accounts for 54.07% of the day’s total trading volume across the entire crypto economy, underscoring the prevailing stability.

Tether (USDT) remains a dominant force in the broader stablecoin market, showcasing steady growth in its supply. Over the past month, the stablecoin economy has maintained stability, hovering around the $124 billion mark.

According to data as of September 17, 2023, the total value of stablecoin tokens is pegged at $123.86 billion. Tether (USDT) leads the pack with a valuation of $83,050,991,214, marking a 0.8% growth in the past month.

Binance USD (BUSD) has seen a significant 23.8% dip in its supply over the same period, dropping below the $3 billion mark. With a market cap of $2.49 billion, BUSD is currently the fifth-largest stablecoin token by market capitalization.

In recent months, stablecoins have continued to experience significant redemptions and lower trading volumes, consistent with patterns observed in previous periods. However, the current trend indicates a moderation in redemptions, especially for BUSD, and a stabilization in the market value of fiat-pegged tokens. The stablecoin trading volume of approximately $11.55 billion represents 54.07% of the total trading volume in the entire cryptocurrency sector, highlighting this stable phase.

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Filed under: Bitcoin - @ September 19, 2023 3:08 pm