CandleFocus Stablecoin Market Dips 2.7% as PYUSD Rewards Decline Impacts Growth
2024-10-28
Author: Content Editor
The stablecoin market has experienced a 2.7% drop since its peak on August 30th, with the overall market cap currently standing at $170.93 billion. The decline can be attributed to a decrease in the supply of PayPal's PYUSD stablecoin, which has seen a 40% decline in market cap due to a reduction in rewards. Despite this, the stablecoin market has grown 100x since 2019. Euro-pegged stablecoins like Circle's EURC are gaining popularity, with EURC's supply increasing by over 40% in the last month. The banking industry is also showing more engagement with stablecoins, with Societe Generale's EURCV growing 11% to reach a market cap of $41.7 million. USDC transactions have experienced seasonal peaks, reaching around $200 billion in high-activity periods in late 2022, but have since dropped to current levels of $80-100 billion. Ethereum remains dominant in transaction volume, though Layer 2 solutions like Arbitrum are gaining traction for mid-sized transactions.
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