While the stablecoin economy experienced tepid growth in June, it expanded by $344.15 million over the past seven days. Paypal’s PYUSD, currently the eighth largest stablecoin by market capitalization, led the growth over the past 30 days, increasing 41.2% to reach $585.25 million.
Stablecoin Market Expands by $344M in 7 Days, Led by Paypal's PYUSD Growth
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Stablecoin Economy Grows as Bitcoin and Ethereum Prices Rise
Bitcoin and ethereum prices rose 12.4% and 11.2%, respectively, against the U.S. dollar over the last week. Alongside this increase, the stablecoin economy grew by 0.21%. On July 10, 2024, the stablecoin market was valued at $162.81 billion; today, July 17, it stands at $163.16 billion. Tether ( USDT) holds the top position with a market valuation around $112.99 billion. However, the circulation of USDT increased by just 0.7% this month.
Circle’s usd coin (USDC) saw a supply increase of about 4.4% over the 30-day period, with a current market cap of $33.81 billion. DAI experienced 1.8% growth, USDE saw a 3.7% reduction, and FDUSD supply decreased by 22.7% this month. USDD rose 1.1%, while the supply of frax dollar (FRAX) remained unchanged over the 30 days. PYUSD, the stablecoin issued by Paypal and Paxos, saw its supply increase by 41.2%.
With a market valuation of $585.25 million, PYUSD ranks as the eighth largest U.S. dollar-pegged crypto asset. TUSD holds the ninth position, with a modest 0.3% rise in supply, bringing its market valuation to approximately $493 million. The tenth largest stablecoin, Blast’s USDB, experienced a 1.2% decline since June 17. On Wednesday, USDB’s market cap stood at about $399 million.
What do you think about the growth the stablecoin economy has seen over the last seven days and over the past 30 days as well? Share your thoughts and opinions about this subject in the comments section below.
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