Stablecoins Supply Rises by $663M in 15 Days
The total market supply of leading stablecoins increased for the first time since November 2022, according to a report from Santiment.
The capitalization of the top six fiat-backed digital tokens, USDT, USDC, BUSD, DAI, TUSD, and USDP, rose by approximately $663.2 million, elevating their total supply on the crypto market to over $121 billion.
This decline had been observed since the close of 2022 due to investors withdrawing funds from the cryptosphere and a tendency toward offline storage of Bitcoin taking hold.
Analysts remind us that May of last year saw the total capitalization of stablecoins surpass $165 billion prior to the collapse of the Terra ecosystem.
In its July study of the dollar-backed digital currency market, CCData noted that the total supply of stablecoins had reached its lowest level since August 2021, with its dominance in the cryptosphere waning from 10.5% to 10.3%.
However, USDT maintained its formidable presence with a 65.9% share of the collateralized digital currency market last month.
