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Cardano Stablecoin Market Tops $70 Million As USDC Dominates Supply

TL;DR: Stablecoins issued or circulating on Cardano reached roughly $70.2 million in DefiLlama’s October 18 snapshot, up about 31% over 30 days. USDC represents nearly two-thirds of that total.

Cardano’s stablecoin market has crossed another small but notable threshold. DefiLlama’s October 18 figures put the network’s dollar-pegged token supply at approximately $70.2 million, with 30-day growth of about 31%.

USDC accounts for most of the balance. The tracker lists around $44.5 million in USD Coin on Cardano, equivalent to roughly 63.5% of all stablecoins it follows there. Moneta’s USDM contributes about $13.5 million, while RealFi USDrf and Anzens USDA make up smaller portions of the total.

For an ecosystem seeking deeper decentralized finance markets, stablecoin supply is an important ingredient. Traders and lenders need liquid assets that can serve as a common dollar unit, and developers often rely on them to support borrowing, payments and settlement.

But supply is not the same thing as usage. An increase in circulating stablecoins does not prove that the same value is trading regularly, that lending applications are earning more revenue, or that demand for ADA is rising. Those are separate questions requiring transaction and protocol data.

The change also comes from a relatively modest base compared with the stablecoin markets on Ethereum and other larger networks. Percentages can look dramatic when the starting number is small.

Still, the growth gives Cardano applications more dollar-denominated liquidity to work with. The next milestone will be demonstrating that additional balances are being used productively rather than simply parked on-chain.



from Bitcoinist.com https://ift.tt/zLGBWmZ
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