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

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

10.06.2024 - 08:01

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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Earlier, Santiment noted the popularity of ENA on social networks

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.

Tether CEO says there are “problematic requirements” in the EU law on crypto regulation

Earlier, Paolo Ardoino criticized the requirement to keep reserves in bank deposits that do not have insurance

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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