Citing on-chain analysis from blockchain price tracking platform DeFiLlama, Binance Research explained that the past month has been a poor record, with stablecoin market capitalization at $123.8 billion, the lowest level since September 2021.
While the global stablecoin market is trending downward, USDT and DAI, two popular assets among the group, are seeing modest growth.
The USDT stablecoin continued to maintain its leading position with a market share of 67.2%, and its market value increased by US$334.7 million, a month-on-month increase of 0.4%.
Tether’s growth is partly due to growing demand for stablecoins from cryptocurrency exchanges.
Analysis shows that the amount of USDT on the exchange has increased from 17.6% to 24.7%. DAI, the third largest stablecoin by market capitalization, has also seen commendable growth recently.
The market value of MakerDAO’s stablecoin increased by US$283.4 million, a month-on-month increase of 5.4%.