In the past month, stablecoins recorded a slight growth with the total market capitalization rising by 0.32%, from 172.337 billion USD to 172.892 billion USD. Leading the market is Tether (USDT) with an impressive market cap of 120.522 billion USD, accounting for 69.71% of the total value of the entire stablecoin segment.
October figures also show that the supply of USDT increased by 0.7%. In second place, USD Coin (USDC) has a market capitalization of 34.629 billion USD, down 1.9% from the previous month.
Stablecoin market capitalization | Source: Defillama
Meanwhile, DAI decreased by 2.9% in October, bringing its market cap down to 4.887 billion USD, primarily due to the growth of Sky's USDS, which reached 1.082 billion USD. Notably, DAI can be exchanged at par with USDS. Ethena's USDE is currently ranked fourth with a market cap of approximately 2.755 billion USD, after increasing by 8.7% in the past month. Meanwhile, the fifth largest stablecoin, FDUSD, fell sharply by 10.78%, down to 2.156 billion USD.
This change has propelled USDS to the sixth position in the top ten stablecoins pegged to the US dollar, with a market capitalization of 1.082 billion USD. Stablecoins continue to play a prominent role in trading activities, accounting for 30.068 billion USD of the total 70.116 billion USD traded in the cryptocurrency market over the past 24 hours. This means that approximately 42.88% of transactions were conducted through stablecoins, with the remainder belonging to other assets.
Despite fluctuations in supply, the steady growth of the stablecoin segment reflects sustained interest in fiat-pegged assets within the cryptocurrency market. Representing nearly half of the total trading volume in the market, stablecoins have asserted their position in this ecosystem, providing stability and reliability. The volatility in the market capitalization of tokens like USDT, USDC, DAI, FDUSD, and the emerging USDS indicates that diverse factors are shaping and influencing a continuously evolving cryptocurrency ecosystem.
