Ripple Loses Dominance in Stablecoin Market Cap Growth

Ethena has emerged as the top contributor to stablecoin market capitalization growth, adding $337.4 million in just 24 hours, according to Token Terminal data. This marks a significant shift from the previous day when Ripple led the sector with a $34.7 million increase.

Market leadership shift

The latest data reveals that Ethena has overtaken Ripple to become the biggest contributor to stablecoin market cap growth. Ripple has now slipped to second place with a $39.6 million increase over the same 24-hour period.

Although Ripple maintained decent growth from its previous day's volume, Ethena's latest performance was extremely strong, exceeding Ripple's by about 8.5 times.

Other stablecoin gains

Other stablecoin issuers also recorded increases, though considerably smaller than Ethena's and Ripple's. USDD followed Ripple with a $13.9 million increase, while Paxos added $10.8 million to its market capitalization.

Ondo recorded a $4.2 million increase, followed by OpenStandard at $3.2 million and UnitedStables at $3 million, according to the data.