Stablecoins Market Sees Significant Resurgence
The stablecoin market has seen a significant increase in market value, from $123.66 billion to $129.14 billion, marking a nearly $6 billion increase. This comes after the stablecoin industry lost billions over the past year, with tokens like BUSD, USDP, and USDC recording significant redemptions. The market expanded by $5.48 billion between November 2 and November 24, 2023, with fiat-pegged stablecoins achieving a trading volume of $50.74 billion. Stablecoin swaps now make up 57.23% of global trading volume.
Tether (USDT) leads with a market value of $88.59 billion, contributing 5.93% to the $1.4 trillion crypto economy. USDT’s market cap has increased by 4.24% over the past 22 days. USD coin (USDC) has also experienced modest growth, rising by 0.81% since November 2. Decentralized stablecoin DAI has seen a significant increase in market value, rising by 43.2%. However, TrueUSD’s supply has decreased by 5.38% since November 2. BUSD has faced declines throughout the year due to Paxos’s decision to stop minting BUSD. The stability and utility of fiat-pegged tokens remain a focal point for investors and observers as the crypto economy fluctuates.
(With inputs from Shikha Singh)
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