Stablecoin Supply Skyrockets: Reaches $165 Billion, Highest in 2 Years

• A supply of more than $180 billion is the highest level ever recorded.
• Ripple predicted that the whole stablecoin market will reach $2.8 trillion by 2028.

Due to rising competition caused by the issuance of new tokens, the total quantity of stablecoins linked to the US dollar seems to be heading back up towards its previous all-time high.

The Block Data Dashboard reports that the total supply of USD-pegged stablecoins reached $165 billion at the end of last week, the highest token level in over two years. With Ethena’s “synthetic dollar,” or USDe stablecoin, reaching a recent market value of over $2.4 billion, the increasing quantity of stablecoins has been reinforced.

Tether Dominating Market Share

Stablecoin supply reached a record high of $165 billion on Thursday, the highest level since late June 2022, according to The Block Data Dashboard and other sources. A supply of more than $180 billion is the highest level ever recorded.

Both the overall quantity and the variety of USD-pegged stablecoins are on the rise, with USDT and USDC from Tether and Circle, respectively, having long held the majority of the market share. Based on the statistics provided by DeFiLlama, USDT has a commanding 70% market share, making it the obvious leader.

In August 2023, PayPal, situated in Silicon Valley, released their own stablecoin alongside Paxos. Ethena also launched a new stablecoin a little over two months ago. Later this year, Ripple will introduce a stablecoin tied to the US dollar, as stated earlier this month.

While making its announcement, Ripple predicted that the whole stablecoin market will grow exponentially over the next several years, reaching $2.8 trillion by 2028.

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