In a notable expansion, the stablecoin sector has surged by $4.95 billion within just 12 days, reaching a new 2024 peak with a market valuation of $149.03 billion, signaling robust interest and confidence in these digital dollar counterparts.
Amid a general crypto market downturn, stablecoins, led by Tether's (CRYPTO:USDT) growth to a $103.4 billion market cap, have emerged as dominant players, capturing a significant portion of trading volume and showcasing their pivotal role in the digital currency ecosystem.
Ethena (CRYPTO:USDE) has seen an unprecedented 376% increase in supply, highlighting the rapidly growing demand for stablecoins as safe havens or trading instruments amid market volatility.
While the likes of USDC (CRYPTO:USDC) and FDUSD (CRYPTO:FDUSD) also report increases in supply, indicating a broad-based expansion across the stablecoin landscape.