ON–316: Stablecoins 💰
Coverage on Ethena, USDC, Ripple USD, USDT & fastUSD
ON–316: Stablecoins 💰
Ethena | USDC | Ripple USD | USDT | fastUSD
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📈 Stablecoins Surpass $221B, Now Represent Over 1% of US Dollar M2 Money Supply
The stablecoin market has expanded dramatically since 2024, growing by nearly $100B to reach a total supply of $221B. USDT and USDC continued to dominate with a combined market share of 89%. However, USDT’s share declined from 73% to 64%, while USDC increased its share from 20% to 25%. Emerging stablecoins, such as Ethena’s USDe, also gained traction, intensifying competition in the yield-bearing stablecoin sector.
Beyond the major centralized issuers, new entrants like Ethena’s USDe (+$5.9B) and Usual’s USD0 (+1.1B) have carved out significant market positions. Another stable, FDUSD, initially saw growth from promotional incentives but lost market share as these incentives ended and competition intensified.
