Stablecoin Market Sees Significant Growth Over Past Week

According to PANews, the stablecoin market has experienced a notable increase in value over the past five days, with a rise of $1.3 billion. Tether (USDT), the largest stablecoin by market capitalization, expanded its supply by $820 million during this period, pushing its market cap from $116.88 billion to $117.7 billion. Since January 1, 2024, USDT's market cap has grown by $25.96 billion, rising from $91.74 billion to its current level. Another stablecoin on the rise is First Digital's FDUSD, which saw its supply increase by $280 million in just one day. Over the past week, the market has added 710 million FDUSD. Meanwhile, Paypal's PYUSD, the sixth-largest stablecoin by market cap, is also growing. PYUSD is nearing the $1 billion mark, with its market cap reaching $981.69 million as of August 23. In the last 24 hours, over 15 million PYUSD tokens were issued, and its supply increased by 190 million tokens over the past week. Aave's GHO also saw a modest increase, adding $4 million in the past week.