Fiat-pegged stablecoins have grown in market cap over the past ninety days as they collectively witnessed $16 billion flow into their side of the crypto market. However, the past month has been relatively calm for the stablecoin economy.
USDT’s (Tether) market cap has grown to $112.5 billion on June 8 from $101.18 billion in March. That is over $11 billion in the three months, with USDT representing 69% of the $16 billion that flowed into stablecoins. Its market cap barely rose over the past thirty days though, displaying a 1.3% increase.
On the other hand, USDC’s market cap declined by 2.7% this past month. Nevertheless, its ninety-day inflows are commendable, with its market cap going from $29.88 billion in March to $32.23 billion on June 8. DAI went from $4.55 billion to $5.26 billion in that same period. Like USDC, it recorded a decline in its market cap in the past thirty days, dropping by 3%.
Surprisingly, Ethena USDe’s market cap went up 334% in the last ninety days and 46% in the last thirty days. Its market cap was around $848 million just ninety days ago. Now, it has gone up to over $3.3 billion, taking USDe to the fourth place of the stablecoin charts by market cap on June 8. It reached there from its previously held sixth place. To make it to fourth place, USDe had to rise above First Digital’s FDUSD, which consequently took the fifth spot. FDUSD’s market cap diminished by 14.2% in the last month.
Last month, reports stated that the stablecoin market cap grew consecutively every month, building an eight-month streak, and rose to a two-year high of $161 billion. It also spoke on how stablecoin usage on centralized exchanges fell to a monthly low during the last week of May. This decrease happens every four years following the Bitcoin halving. It explains why the inflows reduced for most stablecoins in the past month. Going by historical data surrounding stablecoin activity during halvings, reduced inflows can be expected for another month.
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