[Led by Ethena’s USDE, the stablecoin market grew strongly in March]
Since the beginning of this year, with the bull trend of the cryptocurrency market, the stablecoin market has achieved steady growth every month. Data from March showed that the market capitalization of U.S. dollar-pegged digital currencies increased from $143.3 billion to $151.4 billion, with overall market capitalization increasing by more than $8 billion, even as some stablecoin supplies decreased.
Tether (USDT) saw its supply increase by 6.3% this month, bringing its market capitalization to approximately $104.5 billion. Circle’s USDC grew significantly by 13.1%, reaching a market capitalization of $32.46 billion, a rebound from a year ago, when supply fell below $24 billion. Makerdao’s DAI fell slightly by 1.7%, giving it a market capitalization of approximately $4.9 billion.
First Digital’s FDUSD has suffered its biggest decline over the past month, losing 22.1% of its supply and now has a market cap of about $2.56 billion. In comparison, Ethena’s USDE supply surged 194.9% in March to a market capitalization of $1.53 billion.
Tron’s USDD fell slightly by 0.8%, with a market capitalization of approximately $732.4 million. Frax's FRAX edged up 0.1%, while Trueusd (TUSD) fell a massive 60.1% in March to $494 million, its lowest since April 2021. Paypal’s PYUSD fell 38.2%, giving it a market capitalization of approximately $188.4 million.
Alchemix’s ALUSD rose slightly by 1.2% to become the tenth-largest stablecoin by market capitalization, with a valuation of $166.6 million. Other USD-backed stablecoins such as CRVUSD, USDP, and GUSD fell by 4.2%, 28.9%, and 9.8% respectively.
