TechFlow news, on October 28, according to the latest research report from OurNetwork, the global stablecoin supply has declined by 2.7% from its peak on August 30. With the U.S. election approaching and digital asset prices rising, supply is expected to gradually recover. Data shows that the current stablecoin market capitalization stands at $170.93 billion, a 100-fold increase since early 2019.
The report指出 that the recent decline in supply was primarily influenced by PayPal's stablecoin PYUSD. Previously, PYUSD's annualized yield for lending on Kamino Finance dropped from nearly 20% to the current 7.9%. The euro-denominated stablecoin market is showing growth momentum, with Circle-issued EURC seeing its supply rise over 40% month-on-month, while its market cap on the Base network increased from $22 million to $48 million.
On the traditional financial institutions front, French bank Société Générale's Ethereum-based stablecoin EURCV saw its market cap grow 11% this month to $41.7 million, and plans to launch on the Solana network. Meanwhile, BBVA has partnered with Visa on stablecoins, signaling increasing participation of banks in the stablecoin market.
