#Sky stablecoin USDS market cap doubles#
Hot Topic Overview
Overview
Sky's stablecoin USDS has nearly doubled in market capitalization in the past month, surpassing $2.1 billion and becoming the fifth-largest stablecoin. Its issuance has increased by 99% in the past 30 days, with a year-on-year growth of 12.50%, causing a stir in the DeFi space. The growth in USDS's market cap is primarily attributed to DAI swaps, with $123 million coming from DAI swaps. The rapid growth of USDS has also pushed the total stablecoin market capitalization past $209 billion, hitting a new all-time high.
Ace Hot Topic Analysis
Analysis
Sky's stablecoin USDS has recently seen a rapid increase in market capitalization, nearly doubling in the past month. It now surpasses $2.1 billion, becoming the fifth-largest stablecoin. Its issuance volume has grown by 99% in 30 days and 12.50% year-on-year, creating a buzz in the DeFi space. The rapid growth in USDS market cap is primarily attributed to the increase in its issuance volume, with $123 million coming from DAI swaps. Sky's TVL (total value locked) has also been steadily increasing, reaching £1.45 billion as of January 18, 2025. The rapid growth of USDS indicates strong market confidence in Sky's stablecoin products and DeFi ecosystem, suggesting that its market cap and influence may further expand in the future.
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Public Sentiment
Discussion Word Cloud
Classic Views
Sky's USDS stablecoin market cap has nearly doubled in the past month, growing by 99%
USDS's market cap has surpassed $2.1 billion, making it the fifth-largest stablecoin.
USDS's growth has caused a stir in the decentralized finance space.
USDS's growth is partly attributed to DAI swaps, with $123 million coming from DAI swaps.