USDe is taking share, but don’t confuse a fast percentage move with a broad liquidity shift.
Supply rose 16.3% over 30 days to $4.60B, while USDG fell 4.8% to $3.24B. That puts USDe at 1.5% of the $310.23B USD-pegged market, versus 1.1% for USDG. The gap is real, but the scale still matters: USDT holds 60.8%, USDC 24.6%, and USDS 2.2%.
The mechanism looks more like stablecoin composition rotating at the margin than fresh capital flooding crypto. A crypto-backed dollar product is expanding while another smaller issuer contracts, but the two moves don’t explain the market’s total liquidity on their own. Most of the base remains concentrated in the dominant issuers.
The issuer chart makes the ranking clear, not the reason behind the flows. Supply data can show where dollars are parked, but not whether USDe is being deployed in DeFi, sitting idle, or moving between wallets. That distinction matters more than the monthly percentage.
$USDe is gaining ground. It just hasn’t changed who controls the stablecoin market.
Not financial advice. Do your own research.
#Stablecoins #DeFi #Crypto
Supply rose 16.3% over 30 days to $4.60B, while USDG fell 4.8% to $3.24B. That puts USDe at 1.5% of the $310.23B USD-pegged market, versus 1.1% for USDG. The gap is real, but the scale still matters: USDT holds 60.8%, USDC 24.6%, and USDS 2.2%.
The mechanism looks more like stablecoin composition rotating at the margin than fresh capital flooding crypto. A crypto-backed dollar product is expanding while another smaller issuer contracts, but the two moves don’t explain the market’s total liquidity on their own. Most of the base remains concentrated in the dominant issuers.
The issuer chart makes the ranking clear, not the reason behind the flows. Supply data can show where dollars are parked, but not whether USDe is being deployed in DeFi, sitting idle, or moving between wallets. That distinction matters more than the monthly percentage.
$USDe is gaining ground. It just hasn’t changed who controls the stablecoin market.
Not financial advice. Do your own research.
#Stablecoins #DeFi #Crypto
