Summary
- It reported that the total stablecoin market capitalization hit a record high of $312.4 billion.
- It said Sky Protocol’s USDS market cap is about $7.92 billion with a roughly 2.5% share, and that issuance is rising rapidly.
- It reported that the yield-bearing stablecoin sUSDS recorded about $6.06 billion in TVL, up 14.6% over the past seven days, ranking first in the market.
Forecast Trend Report by Period
The total market capitalization of stablecoins climbed to a record $312.4 billion. Among them, the Sky (SKY) Protocol’s stablecoin USDS is growing rapidly and expanding its market share.
According to crypto-focused outlet BlockBeats on the 10th, based on DefiLlama data, the total stablecoin market cap stood at about $312.4 billion as of that day. This marks an all-time high. Over the past week, the stablecoin market cap increased by about 1.18%.
By market share, Tether (USDT) accounted for about 58.9%, the largest portion, followed by Circle’s USDC at about 25%.
Sky Protocol’s stablecoin USDS has recently seen a sharp increase in issuance. USDS supply rose about 26.7% over the past month, and its current market cap is about $7.92 billion, with market share around 2.5%.
Sky Protocol’s revenue metrics are also rising quickly. Recently, daily protocol fees were about $1.1 million, daily protocol revenue about $600,000, and annualized protocol revenue is estimated at about $211 million.
Meanwhile, Sky Protocol’s yield-bearing stablecoin sUSDS posted a roughly 14.6% increase in TVL (total value locked) over the past seven days to about $6.06 billion, ranking first in the market. Ethena’s sUSDE followed at about $3.53 billion.
A yield-bearing stablecoin refers to a stablecoin that generates interest simply by being held, beyond merely being pegged to $1.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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