The stablecoin market continues its growth spurt, expanding by $2.21 billion between August 9th and 18th, 2024. This follows an earlier growth spurt of $1.53 billion between August 6th and 9th.

Tether Dominates: Tether (USDT) remains the king of stablecoins, contributing a whopping 57% of the recent growth. Its market cap now sits at a staggering $116.88 billion, representing nearly 70% of the entire stablecoin market capitalization of $168.42 billion.

USDT Up, Others Mixed: Over the last 30 days, Tether has grown by 2.9%, while its closest competitor, USD Coin (USDC), has seen a 3.3% increase. However, other major players like MakerDAO’s DAI and Ethena’s USDE have seen declines. Notably, USDE struggles to maintain a $3 billion market cap.

PayPal’s PYUSD Makes a Splash: A recent standout is PayPal’s PYUSD, which overtook Tron’s USDD to become the sixth-largest dollar-pegged coin. PYUSD’s market cap jumped from $791.9 million to $828.86 million in just 48 hours, a significant 41.5% increase over the past month.

**Mixed Performance for Other Stablecoins:** Frax Dollar (FRAX), TrueUSD (TUSD), and Alchemix USD (ALUSD) have seen minimal movement in the past month. Aave’s GHO, on the other hand, has climbed by 19%. Conversely, Paxos Standard (USDP) and Gemini Dollar (GUSD) have experienced declines of 6.5% and 6.9% respectively.

Key Takeaways:
– The stablecoin market is experiencing significant growth, driven primarily by Tether and PayPal’s PYUSD.
– Tether maintains its dominance with a nearly 70% market share.
– Other major stablecoins exhibit mixed performance, with some experiencing growth and others facing decline.

This trend suggests a dynamic and evolving stablecoin landscape, with new players like PYUSD making waves.