Stablecoins pegged to the US dollar see their market capitalization rise in tandem with Bitcoin’s price. Consequently, the amount rose from $143.3 billion to $151.4 billion in March.
While the overall value of the industry rose by over $8 billion, it is worth noting that the supply of certain stablecoins fell. With a 6.3% increase in its issue, Tether (USDT) was the clear leader in terms of market share growth.
The total market value of USDT reached $104.5 billion last month, and USDC, Circle’s cryptocurrency, rose 13.1% to $32.46 billion, demonstrating a positive trend.
In contrast to Makerdao’s DAI, which witnessed a small 1.7% drop in supply and is now valued at $4.9 billion, this surge only restored USDC to its one-year high.
The increase in the market value of Ethena USDE over the past three months
With a 22.1% decline in supply during the first month of spring, First Digital’s FDUSD was the worst performer among the top five cryptocurrencies. Currently, FDUSD is trading around $2.56 billion. In contrast, the supply of the stablecoin USDE Ethena surged by 194.9% in March, reaching $1.53 billion, indicating substantial growth.
The market capitalization of the project was around $732.4 million as a result of the 0.8% decline in USDD last month. Trueusd witnessed a precipitous fall of 60.1%, reaching $494 million, while Frax’s FRAX supply rose by an almost insignificant 0.1%.
The current market capitalization of PayPal’s PYUSD (NASDAQ:PYPL) is $188.4 million, a 38.2% decline from the previous month. The ALUSD stablecoin by Alchemix, which ranks second, saw a small gain of 1.2% to $166.6 million. Additional stablecoins and US dollar-backed assets, including CRVUSD, USDP, and GUSD, declined by4.2%,28.9%, and 9.8%, correspondingly.