Stablecoin market dips $37 million as USDT nears $150 billion

The stablecoin market experienced a marginal decline of $36.95 million over the past week, representing a 0.02% contraction, according to data from Defillama.com.

The total stablecoin market capitalisation now stands at $242.97 billion.

Tether (CRYPTO:USDT), the largest stablecoin by market cap, maintained its leading position with a valuation of $149.87 billion, posting a modest 0.36% gain over seven days.

USDT accounts for approximately 61% of the total stablecoin market.

In contrast, USD Coin (CRYPTO:USDC) saw a 1.21% decline during the same period, settling at a market cap of $60.808 billion.

DAI (CRYPTO:DAI) registered a notable weekly increase of 6.39%, bringing its market cap to $4.372 billion.

BlackRock’s BUIDL token also showed gains, rising 1.33% over the week to reach a market cap of $2.897 billion, leading monthly growth with a 26.14% increase.

On the downside, Sky Dollar (USDS) experienced a 5.5% decrease in market cap, while Ethena’s USDe (CRYPTO:USDE) declined by 0.56%.

These declines contributed to the overall slight contraction in the fiat-pegged crypto sector.

The mixed performance among stablecoins reflects varying investor sentiment and growing competition within the stablecoin ecosystem.

As Bitcoin (CRYPTO:BTC), Ethereum (CRYPTO:ETH), and other altcoins posted strong gains, investor appetite shifted toward risk-on crypto assets.

This shift has led to a slight reduction in stablecoin exposure as traders reallocate capital into appreciating tokens.

The stablecoin sector’s resilience amid minor contraction suggests ongoing demand for fiat-pegged assets alongside broader market dynamics.

At the time of reporting, the Tether (USDT) price was $1.00.