đStablecoin Market Remains Steady in June Amidst Crypto Volatility đ”
While June was a lackluster period for crypto assets as many experienced double-digit losses against the U.S. dollar, the stablecoin market also saw minimal growth over the past 30 days. Ethenaâs USDE led the growth, with its supply increasing by 21.4% since May.
The stablecoin market remained relatively static in June, showing minimal changes in supply. Several stablecoin projects experienced reductions, including First Digitalâs FDUSD, which saw a 28.5% decline this past month. Tether (USDT), the largest stablecoin by market capitalization, saw a slight 0.7% increase in June. USDTâs market valuation is $112.65 billion, while FDUSD, the fifth largest stablecoin, is around $2 billion.
USDC holds the second largest stablecoin market cap at $32.24 billion but recorded a slight 0.4% decline in supply this weekend. The third largest, Makerdaoâs DAI, saw a 3.9% decrease, bringing its market valuation to $5.13 billion.
The fourth largest, Ethenaâs USDE, saw the most significant growth, rising 21.4% this month. Tronâs USDD increased by 0.5%, while frax dollar (FRAX) decreased by 0.1%. The eighth largest stablecoin, TUSD, decreased by 1.3% in June.
The ninth largest stablecoin, Paypalâs PYUSD, rose by 6.3%, while the tenth largest, Blastâs USDB, experienced a 0.2% decline. The stablecoin marketâs growth in June highlights that increased supply is largely driven by market demand.
The minor fluctuations observed suggest that while stablecoins are a crucial part of the crypto ecosystem, their expansion hinges on specific needs.
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