From January to September 2024, the total supply of stablecoins expanded significantly by 32.4%.
Ethereum, which remains a major player in the space, saw its stablecoin supply increase by 25.5% to $17.2 billion.
Despite this growth, Ethereum’s dominance in the stablecoin market slightly declined from 51.9% to 49.1% as overall sector growth outpaced performance.
TRON made a big move in the stablecoin space
Meanwhile, TRON is also making big moves in the stablecoin market.
As of September 23, 2024, TRON’s stablecoin supply reached $59.8 billion, with a market share of 34.8%, securing its position as the second largest stablecoin player.
TRON’s supply increased by 21.6% over the same period, but its market share was down from 37.9% at the beginning of the year, indicating its growth was strong but outpaced other competitors.
1/As of September 23, 2024 @Trondao’s market share reached 34.8% ($59.8 billion), ranking it second in stablecoin market dominance. Stablecoin supply increased by 21.6%, but market share fell from 37.9% at the beginning of the year.
— CoinGecko (@coingecko) October 2, 2024
Increasing competition in the stablecoin market reflects a rapidly evolving landscape with multiple blockchain platforms vying for dominance.
Although Ethereum and Tron continue to lead the way, changes in market share make it clear that the stablecoin sector is by no means static.
As demand for stablecoins increases, we may see further shifts in the balance of power between major players in the coming months.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
Follow us on Twitter @themerklehash Stay up to date with the latest crypto, NFT, AI, cybersecurity, and metaverse news.
Image source: aleksandrasova/123RF // Image effect by Colorcinch
