Stablecoin Market Reaches $310.117 Billion Milestone
Stablecoin Market Growth: The stablecoin market has reached a new record market cap of $310.117 billion, with Tether's USDT leading at $186.242 billion, followed by Circle's USDC at $78.315 billion. The sector has grown by 52.1% over the past year.
Performance of Stablecoins: While Tether's USDT and Circle's USDC saw increases in circulation, some stablecoins like BlackRock's BUIDL and yield-bearing stablecoins like Ethena's USDe experienced significant declines, indicating a mixed performance across the market.
Yield-Bearing Stablecoins Decline: The yield-bearing stablecoin sector has faced a downturn, with a 1.9% decline in market cap over the last 30 days, as redemptions outpaced new minting, leading to substantial drops in specific coins.
PayPal's PYUSD Adoption: PayPal has begun allowing U.S.-based YouTube content creators to receive payouts in PayPal USD (PYUSD), which has seen a 13.33% increase in market cap, highlighting the growing adoption of payment-focused stablecoins.
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