USDT is the absolute king of stablecoins with a whopping $183.7 billion. But over the past month, it wasn’t the fastest-growing one.
I’ve put the circulating market capitalizations of five major stablecoins, along with their changes over the last 30 days, into a single chart.
USDT rose by only 0.2% in a month, while USDC grew by 1.4% to $75.2 billion.
The biggest mover was Ethena’s USDe, which jumped 21% over the month to $4.9 billion. It earns returns through staking and hedging—when yields are high, money flows here.
Total stablecoin supply is growing, but funds are being shifted to places where they can earn interest.
When yields start to come down, can USDe’s scale hold up?
I’ve put the circulating market capitalizations of five major stablecoins, along with their changes over the last 30 days, into a single chart.
USDT rose by only 0.2% in a month, while USDC grew by 1.4% to $75.2 billion.
The biggest mover was Ethena’s USDe, which jumped 21% over the month to $4.9 billion. It earns returns through staking and hedging—when yields are high, money flows here.
Total stablecoin supply is growing, but funds are being shifted to places where they can earn interest.
When yields start to come down, can USDe’s scale hold up?
