Stablecoin Market Experiences Growth Amidst Crypto Market Slowdown

Despite a downturn in the cryptocurrency market, stablecoins have continued to expand rapidly. According to BlockBeats, data from DefiLlama indicates that the total market capitalization of stablecoins increased by 0.43% over the past week, reaching a record high of $317.255 billion. During this period, the market share of USDT has been declining, falling below 60% to currently stand at 58.03%. Meanwhile, the stablecoin USDS, under the Sky umbrella, has shown significant growth. Its circulating market capitalization rose by 9.57% over the past week, now reported at $8.924 billion, making it the third-largest stablecoin by market capitalization.