Stablecoin Market Surges: Inflows Increase, Tether Dominates

Bittime - The stablecoin market, a cornerstone of the cryptocurrency ecosystem, has experienced significant growth in recent months. The surge was primarily driven by increased stablecoin inflows, highlighting potential investor interest in the crypto space.

Influx of New Capital

According to a report by News.bitcoin, cited by PANews on June 10, 2024, the stablecoin market has experienced extraordinary inflows of about $16.2 billion in the last 90 days.

This influx of capital represents growth of more than 11% for the entire stablecoin economy, indicating the potential for increased crypto market activity.

Tether Maintains Dominant Position

Tether (USDT), the most established stablecoin pegged to the US dollar, continues to be the driving force behind this growth. The report revealed that USDT inflows contributed as much as 69% of the total $16.23 billion injected into the market over the last 90 days.

Additionally, USDT supply has increased by 1.3% in the past month, further strengthening its dominance.

USDC and DAI Show Mixed Performance

Circle's USD Coin (USDC) shows a contrasting trend. While its market value showed a positive trajectory over the past 90 days, reaching $32.23 billion today from $29.88 billion on March 11, last month USDC supply fell 2.7%.

MakerDAO's DAI, another leading stablecoin, has also experienced similar volatility. Although supply fell 3% over the past month, its market value has risen to $5.26 billion today compared to $4.55 billion 90 days ago.

USDE Ethena Makes Progress

Ethena's USDE stablecoin emerged as a surprising success story. Ranked sixth in market value 90 days ago, USDE has now risen to fourth place. This impressive feat is due to a significant 334% growth in its market value in just 30 days, reaching $848 million today.

Conclusion

The surge in stablecoin inflows indicates a potential increase in investor interest in the crypto market. Although Tether remains the dominant player, other stablecoins such as USDC and DAI persist.

USDE's impressive growth further underscores the dynamic nature of the stablecoin market. It will be interesting to see how this trend develops and shapes the future of the crypto landscape.

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You can buy and sell crypto assets in an easy and safe way via over. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.

To be able to buy crypto assets at over, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet.

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Study Complete Guide How to Buy Crypto on Bittime.

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