Introduction
The stablecoin market experienced a notable increase in October, with a total of $608 million added to the fiat-pegged token market. However, despite the overall growth, six out of the top ten stablecoins saw reductions in their supply during the month.
Growth of Fiat-Pegged Token Market
In October, the fiat-pegged token market experienced modest growth, increasing from $123.05 billion to $123.66 billion. This represents a 0.495% uptick, equivalent to $608 million, over the course of the month.
Tether Leading the Charge
Tether (USDT), the largest stablecoin by market capitalization, saw a 1.9% increase in supply during October, bringing its market valuation to approximately $84.98 billion. Tether accounted for more than 27% of the total $71.77 billion in trades conducted across the entire ecosystem during the same period.
Other Stablecoins' Performance
Circle's USD Coin (USDC) witnessed a 3.4% reduction in supply, resulting in a market valuation of $24.50 billion. MakerDAO's DAI, the third-largest stablecoin, lagged significantly behind with a market valuation of $3.72 billion, experiencing a 3% reduction during October.
TrueUSD (TUSD) saw a 3.1% decrease in supply, currently resting at $3.34 billion. The most significant reduction was observed in BUSD, with a substantial 13.1% of its supply redeemed. BUSD's market valuation dipped below $2 billion, now standing at $1.95 billion.
The Tron-issued USDD token experienced a slight 0.4% reduction, while FRAX's supply drop was even lighter, at 0.2%. On the other hand, First Digital USD (FDUSD) saw an impressive 45.1% increase in supply, establishing itself as the eighth-largest stablecoin in the market.
Among the top ten stablecoins, Pax Dollar (USDP) witnessed a 6.7% reduction in supply, while Liquity USD (LUSD) faced a 12.6% decrease over the past 30 days. Paypal's recently introduced dollar-pegged token has quickly become the 15th largest stablecoin.
Conclusion
In conclusion, the stablecoin market experienced significant growth in October, despite supply reductions in some of the top ten stablecoins. Tether remains the dominant player in the market, while other stablecoins have seen varying levels of supply changes. The future of stablecoins continues to evolve, and it will be interesting to see how they perform in the coming months.
What are your thoughts on the stablecoin market's performance in October? Share your opinions in the comments section below.
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By: Jamie Redman
Title: Stablecoin Market Sees Significant Growth in October Despite Supply Changes
Sourced From: news.bitcoin.com/stablecoin-market-rises-by-over-600m-in-october-despite-mixed-supply-dynamics/
Published Date: Fri, 03 Nov 2023 18:00:18 +0000
