Overall, stablecoins have raised $16,23 billion since March

USDT accounted for 69% of the inflow of funds into the stablecoin sector over the past 90 days

10.06.2024 - 08:01

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3 min

What’s new? Over the past 90 days, $16,23 billion has flowed into the stablecoin sector. In particular, the capitalization of Tether’s largest centralized stablecoin USDT has increased by $11,32 billion since March 11 and reached $112,54 billion. Thus, USDT accounted for more than 69% of the inflow.

Data from the CoinGecko aggregator

What else is known? The capitalization of the main competitor of USDT, USDC from Circle, increased from $29,88 to $32,2 billion during the same period. The third asset in the raking of stablecoins, DAI from Maker Protocol, showed growth from $4,55 to $5,27 billion.

Rapid growth was recorded in the “synthetic dollar” USDE from the decentralized protocol Ethena. 90 days ago, USDE was ranked sixth in the ranking of stablecoins by market capitalization ($848 million). Since then, it has risen to fourth place, displacing FDUSD promoted by crypto exchange Binance. USDE’s capitalization rose by 301% to $3,4 billion.

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FDUSD capitalization surged by more than $1,2 billion between March and April, reaching an all-time high at $4,4 billion. However, it has since collapsed by 26%, pushing the asset to the fifth place in the raking of stablecoins ($3,28 billion).

At the end of April, Kaiko analysts noted a decline in USDT’s share in the total volume of stablecoins on centralized exchanges (CEXs), attributing it to growing competition.

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In May, experts from Deutsche Bank said that there are risks of Tether monopoly in the stablecoin market, which is characterized by non-transparency and speculation. In addition, the bank noted that the majority of such assets are doomed to lose their peg to fiat currencies.

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