Key Takeaways
- Tether added $68.2M as USDT held 58.67% of the $323.3B stablecoin market.
- Sky’s USDS jumped 11.5% to $8.79B, closing in on the $10B milestone.
- Western Union’s USDPT spiked 597,568%, though its market cap remains just $1.5M.
Tether Commands 58.67% of Stablecoin Market; Western Union USDPT Rises 597,568%
Tether’s USDT remains the dominant force in the stablecoin sector by a wide margin, holding a market capitalization of $189.7 billion this weekend after adding $68.2 million since May 9. Circle’s USDC moved in the opposite direction this past week, shedding 1.22% of its market capitalization, or slightly more than $950 million.
USDC’s market cap stands today at $77.068 billion, a 1.98% decline since April 16. Sky’s USDS posted one of the week’s strongest performances as the third-largest stablecoin expanded by 11.50%, drawing in roughly $906 million in fresh capital. USDS’s total market valuation now stands at $8.791 billion as it edges closer to the $10 billion threshold.
Sky’s older stablecoin, DAI, ranks as the fourth-largest contender with a market capitalization of $4.613 billion. Since May 9, DAI has trimmed slightly more than $46 million from its valuation, recording a modest percentage-point decline. USD1 from World Liberty Financial moved higher over the last seven days, gaining 1.97%. Roughly $87 million in inflows lifted USD1’s market capitalization to $4.52 billion this week, defillama.com stats show.
Additional standouts included USDe from Ethena, which climbed 6.77%, while PYUSD issued by Paypal advanced 1.32%. Meanwhile, BUIDL from Blackrock recorded a sizable 8.01% increase. USYC from Circle posted a modest 0.30% decline, while USDG from Global Dollar climbed 9.63% over the same period. According to Defillama stablecoin statistics, USDPT from Western Union recorded the week’s sharpest increase, climbing an eye-popping 597,568%.
Even so, the newly launched stablecoin still holds a relatively small footprint, with a market capitalization of just $1.5 million.
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