BitU Protocol today unveiled its latest “Stablecoin Market Review — 2024 September,” offering an in-depth look at the evolving stablecoin landscape and its interplay with major cryptocurrency assets. The report highlights significant market trends, stablecoin performance, and critical correlations that impact the broader crypto ecosystem.
Over the past year, the market capitalization of stablecoins has shown consistent growth, driving key market movements. The review explores the notable performance of major stablecoins such as USDT, USDC, and DAI, while also focusing on rapidly emerging players like PYUSD, USDe, BitU and BUIDL.
Read and download the report for free:
- English: https://docsend.com/v/g63d5/stablecoin_overview_sept2024_en
- Chinese: https://docsend.com/v/g63d5/stablecoin_overview_sept2024_cn
- Over the past year, the market cap of stablecoins has been on a steady rise. This capital influx has been a core driver behind the rising prices of cryptos. BTC has surged by nearly 122% over the past year, while ETH has lagged slightly with a 48.52% increase.
- However, in recent times, the inflow into stablecoins has noticeably slowed, although it remains positive. Despite this continued inflow, the prices of mainstream assets like BTC and ETH have not followed suit. Instead, both have seen declines in their prices.
- BTC has dropped approximately 10% over the past 120 days, while ETH has seen a sharper decline of nearly 22%. In the past two months alone, ETH’s losses have been even more pronounced, with a drop of over 26%. BTC, on the other hand, has experienced a slight recovery, with a decline of just 4.8%.
- Excluding USDT and USDC, DAI, the third-largest stablecoin by market cap and the largest decentralized stablecoin, has shown little change in its market cap over the past year.
- In contrast, PYUSD, USDe, FDUSD, and USDY have grown rapidly. PYUSD’s market cap surged 16,532% over the past year and continues its strong momentum. USDe has grown 3,151% this year, though recent market challenges have caused a significant decline.
- FDUSD, positioned as a replacement for BUSD and supported by Binance, has seen a 547% increase over the past year. USDY, a leading RWA stablecoin, has also experienced rapid growth this year. BUIDL, now the dominant RWA stablecoin, has surpassed a market cap of $500M.
- BUIDL differs from other stablecoins as it is classified as a security.
- So far this year, the top five fastest-growing stablecoins with a market cap exceeding $10M are USDe, USDY, BITU, USD+, and PYUSD.
- These five projects share a common feature: users can earn steady, “risk-free” yields by holding or staking these stablecoins in specific contracts.
- It is clear that the stablecoins that manage to stand out in today’s market are not merely fulfilling the role of a transaction medium but are increasingly meeting the demand for stable returns.
- The significant drop in BUSD’s market capitalization stems from regulatory reasons.
- Additionally, half of the top losers are relatively native DeFi projects: LUSD (Liquidity), USX (dForce), SUSD (Synthetix), MIM (Abracadabra.money), and FRAX (Frax).
Read and download the report for free:
- English: https://docsend.com/v/g63d5/stablecoin_overview_sept2024_en
- Chinese: https://docsend.com/v/g63d5/stablecoin_overview_sept2024_cn
About BitU Protocol
BitU Protocol is a decentralized credit network and omni-trading hub powered by the overcollateralized $BITU stablecoin that can be staked to earn real yield. Access deep liquidity across numerous markets from a single unified experience.
BitU Protocol enables users to mint $BITU, a secure and resilient USD-pegged stablecoin designed to deliver access to reliable yields with minimal volatility risk. Users can stake $BITU and receive $sBITU to earn real-yield. $BITU can also be used as collateral on the omni-trading hub, which offers deep liquidity to various centralized exchanges from a single trading terminal.
- Website: bitu.io
- Twitter: x.com/BitU_Protocol
- Discord: discord.com/invite/4bRBGvCTan