The market capitalization of stablecoins experienced growth in October after several consecutive monthly declines. In October, the stablecoin capitalization increased by USD 608 million, equivalent to IDR 9.4 trillion (assuming an exchange rate of IDR 15,623 per US dollar).

According to Bitcoin.com on Wednesday (11/8/2023), as of the closing on September 30, 2023, the market capitalization of crypto assets reached USD 83.22 billion or approximately IDR 1,297 trillion. Despite the increase, six out of the top ten stablecoins experienced a reduction in supply during that month.

Last month, Tether (USDT), the largest stablecoin by market capitalization, saw a supply increase of 1.9 percent, bringing its current market valuation to around USD 84.98 billion or approximately IDR 1,324 trillion.

Notably, on 456 crypto exchanges listing Tether, the stablecoin recorded a global trading volume of USD 19.79 billion or approximately IDR 308.5 trillion over the last 24 hours, contributing over 27 percent to the total USD 71.77 billion or approximately IDR 1,118 trillion in trading conducted during the same period across the entire ecosystem.

Over the past 30 days, the USD Circle (USDC) coin experienced a 3.4 percent decline, resulting in a current market valuation of USD 24.50 billion or approximately IDR 381.9 trillion.

Trueusd (TUSD) saw a 3.1 percent decrease in supply over the month, currently standing at USD 3.34 billion or approximately IDR 52 trillion. However, the most significant decrease in October occurred with BUSD, with a 13.1 percent redemption of its supply.

Among the top ten, the Pax Dollar (USDP) experienced a 6.7 percent decline in supply, while the liquidity USD (LUSD) faced a 12.6 percent decrease over the last 30 days. The recently introduced Paypal-backed dollar token rapidly jumped to become the 15th largest stablecoin.