Stablecoins’ $158B high in April: Here’s how USDT, USDC played a part
  • Stablecoins outperformed the overall market in April, posting 4.7% growth.
  • USDe of USDT, FDUSD, and Ethena shined, but USDC stalled.

stable coin It soared, defying the broader market retracement in April, marking its seventh straight month of growth.

According to CCData, the sector grew by 4.76%, increasing its market capitalization to $158 billion. report. On a YTD (year-to-date) basis, stablecoins added $27.1 billion.

This significant growth increased stablecoin market dominance to 6.30% from 5.43% in March. As the report points out, this surge amidst an overall market decline was the first of its kind.

“This marks the first increase in stablecoin dominance as markets rebound in April due to better-than-expected inflation data in the US and escalating geopolitical tensions last month.”

Interestingly, April’s growth was led by US-based Tether’s USDC and Hong Kong-based First Digital Lab’s FDUSD.

USDT and FDUSDT dominate market share

Tether’s USDT market capitalization increased by 5.58% to $110 billion, a new record for USDT and strengthened its market power of 70%.

However, FDUSD was an outlier among USD-denominated stablecoins. According to the report, as of April 24, the market capitalization increased by 77.6% to $3.88 billion.

stable coin

Source: CCData

Evaluation of DeFiLlama by AMBCrypto data We have confirmed the explosive monthly growth of FDUSD. As of this writing, FDUSD’s market capitalization has soared to his $4 billion level, an impressive 79.4% increase over the month.

Additionally, Ethena’s USDe also achieved impressive performance, increasing by over 74% to $2.36 billion and reaching the top five overall based on market capitalization.

But Circle’s USDC missed out on the fun. Market share decreased by 3.97% to $30.7 billion. As the report highlights, USDC’s April stall was unique.

“USD Coin (USDC) market capitalization has fallen for the first time in 5 months”

In terms of trading volume, USDT was the most preferred stablecoin across CEXs (centralized exchanges).

Stablecoin trading volume on CEX nearly doubled (98.9% jump) in March, reaching $2.15 trillion. This happened amid intense volatility that saw Bitcoin hit an all-time high of $73.7,000. Of the $2.15 trillion trading volume, USDT controlled 77.5% of the market share.

FDUSD once again took the second place in CEX volume with 14.6% market share. USDC followed closely in third place with his 7.14% market power.

Summer of gold movements and virtual currencies

Duopoly of gold-backed stablecoins apart from USD-denominated stablecoins tether gold [XAUT] and pax gold [PAXG] It traded at a premium in April.

The market capitalization of the two gold-backed assets rose more than 4% after the report linked gold to new record highs and tensions in the Middle East.

“Tether Gold (XAUT) and Pax Gold (PAXG) rose 4.20% and 4.77% to $573 million.” $425 million and $425 million, respectively, as gold surpassed record highs amid geopolitical tensions in the Middle East. ”

On a positive note, it appears that the sector’s growth is far from over. April 25th, Stripes announced Global cryptocurrency payments using stablecoins will resume from this summer.

Stablecoins could record further growth if international markets overwhelmingly accept crypto payments.

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