🚨 $337 million in one day: the leader in stablecoin growth has changed
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Token Terminal data from November 8 shows that the top stablecoin by market cap growth over the past 24 hours wasn’t Ripple, but Ethena. Ripple dropped to second place.
🔸 Ethena grew by $337.4 million in one day
🔸 Ripple grew by just $39.6 million over the same period, after ranking first the previous day with $34.7 million
🔸 The difference between them was about 8.5 times
🔸 Next came USDD at $13.9 million, Paxos at $10.8 million, and Ondo at $4.2 million
The numbers aren’t surprising. What’s surprising is the change in the nature of the growth. Ripple’s growth corresponds to stablecoins like RLUSD, backed by fiat reserves and following a compliance-focused approach; Ethena’s growth corresponds to synthetic dollars supported by basis trades and staking yields.
One is selling, “There’s cash and short-term government debt backing me.” The other is selling, “I’ve written a yield curve into a contract.”
When interest rates are still high and capital is looking for places to go, the latter naturally attracts more attention. Its growth doesn’t depend on a banking license—it depends on how much money is willing to take on that yield.
This is also the change in the stablecoin landscape over the past six months that’s easiest to overlook: issuers are competing less over “whose reserves are more trustworthy” and more over “whose yield looks better.”
⚠️ But the same mechanism also implies the flip side: if funding rates turn negative and the basis narrows, redemption pressure can hit faster than it would for reserve-backed stablecoins. Read the 8.5-fold growth rate in reverse, and it means 8.5-fold sensitivity.
What’s really worth watching isn’t that Ethena beat Ripple on this particular day, but that stablecoin growth is starting to be priced by the “yield narrative,” rather than by “payment demand.”
A quick look at the full rankings: USDD, Paxos, Ondo, OpenStandard, and UnitedStables grew by $13.9 million, $10.8 million, $4.2 million, $3.2 million, and $3 million, respectively, that day. Growth is still concentrated in one or two players, while smaller issuers haven’t seen a similar pickup.
If this trend continues, the next comparison shouldn’t be about who has the bigger market cap, but whose redemption gates are more robust and whose disclosures are clearer.
Do you think products like synthetic dollars can hold on to their market share in a bear market? Let’s talk in the comments.
Tap my profile picture to watch the livestream + join my fan group for daily strategies 🚀
#稳定币 #RWA #DeFi #Bitcoin
Group: 邀请您加入我的群组 悟空粉丝群
Token Terminal data from November 8 shows that the top stablecoin by market cap growth over the past 24 hours wasn’t Ripple, but Ethena. Ripple dropped to second place.
🔸 Ethena grew by $337.4 million in one day
🔸 Ripple grew by just $39.6 million over the same period, after ranking first the previous day with $34.7 million
🔸 The difference between them was about 8.5 times
🔸 Next came USDD at $13.9 million, Paxos at $10.8 million, and Ondo at $4.2 million
The numbers aren’t surprising. What’s surprising is the change in the nature of the growth. Ripple’s growth corresponds to stablecoins like RLUSD, backed by fiat reserves and following a compliance-focused approach; Ethena’s growth corresponds to synthetic dollars supported by basis trades and staking yields.
One is selling, “There’s cash and short-term government debt backing me.” The other is selling, “I’ve written a yield curve into a contract.”
When interest rates are still high and capital is looking for places to go, the latter naturally attracts more attention. Its growth doesn’t depend on a banking license—it depends on how much money is willing to take on that yield.
This is also the change in the stablecoin landscape over the past six months that’s easiest to overlook: issuers are competing less over “whose reserves are more trustworthy” and more over “whose yield looks better.”
⚠️ But the same mechanism also implies the flip side: if funding rates turn negative and the basis narrows, redemption pressure can hit faster than it would for reserve-backed stablecoins. Read the 8.5-fold growth rate in reverse, and it means 8.5-fold sensitivity.
What’s really worth watching isn’t that Ethena beat Ripple on this particular day, but that stablecoin growth is starting to be priced by the “yield narrative,” rather than by “payment demand.”
A quick look at the full rankings: USDD, Paxos, Ondo, OpenStandard, and UnitedStables grew by $13.9 million, $10.8 million, $4.2 million, $3.2 million, and $3 million, respectively, that day. Growth is still concentrated in one or two players, while smaller issuers haven’t seen a similar pickup.
If this trend continues, the next comparison shouldn’t be about who has the bigger market cap, but whose redemption gates are more robust and whose disclosures are clearer.
Do you think products like synthetic dollars can hold on to their market share in a bear market? Let’s talk in the comments.
Tap my profile picture to watch the livestream + join my fan group for daily strategies 🚀
#稳定币 #RWA #DeFi #Bitcoin
