The whole provide of USD-pegged stablecoins has soared to $165 billion, reaching its highest degree in virtually two years as new tokens flood the market, intensifying competitors. Ethena’s USDe stablecoin, with a market cap of round $2.4 billion, has contributed to this progress, stabilizing the market at its present degree.
This milestone, achieved final Thursday, displays a big uptick in stablecoin provide since late June 2022, nearing the earlier all-time excessive of over $180 billion. Whereas Tether’s USDT and Circle’s USDC stay dominant, the stablecoin market is diversifying with new entrants. USDT maintains a commanding 70% market share, in accordance with DeFiLlama information.
The emergence of Ethena’s stablecoin launched simply over two months in the past, and PayPal’s collaboration with Paxos for its stablecoin introduction in August 2023, have contributed to the increasing stablecoin panorama. Ripple’s latest announcement of its plans to launch a USD-pegged stablecoin additional underscores the market’s progress potential. Ripple forecasts the whole stablecoin market to skyrocket to $2.8 trillion by 2028.
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