The post Tether (USDT) Sees Significant Supply Increase Amid $1 Billion Inflow into Stablecoin Market appeared on BitcoinEthereumNews.com.

The stablecoin economy witnessed a significant influx of capital within a week. A variety of stablecoins experienced both growth and decline in their market caps, indicating a dynamic market environment. Tether (USDT) supply increased by 1.5% over the past month, while Ethena’s USDE saw a sharp decline of 14.7% since August 21. The stablecoin market has seen a robust influx of capital recently, leading to notable shifts among key players. Surge in Stablecoin Supplies The total market cap of stablecoins has risen from $172.19 billion to $173.23 billion within six days. This growth is driven by significant increases in the supply of leading stablecoins such as Tether (USDT), Circle’s USDC, and DAI. Tether alone expanded its supply by 1.5%, adding $380 million since mid-September. Circle’s USDC followed closely, growing by 2.9% with a $130 million surge in supply over just the last six days. Meanwhile, DAI’s supply rose by 3.2%, equating to a $190 million increase since mid-September. Strong Performers: FDUSD and New Entrants First Digital’s FDUSD demonstrated notable growth, increasing by 11% to reach a market cap of $2.94 billion as of late September. The increase in capitalization suggests rising investor confidence and adoption. Additionally, smaller stablecoins like GHO and DEUSD showcased significant percent gains. GHO recorded a 26% increase, while DEUSD posted a 16.6% growth over the past month, highlighting a diversified development across the stablecoin spectrum. Declines and Outliers Contrary to the broader market trend, Ethena’s USDE experienced a substantial decline of 14.7% in its market cap since late August, with $80 million being pulled from its supply within the last six days. This sharp decline marks USDE as a notable outlier amid a predominantly bullish stablecoin environment. Understanding the factors behind such a downturn could provide deeper insights into market dynamics and investor behavior. Conclusion The…

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Filed under: News - @ September 21, 2024 5:16 pm