Just about a day after Ripple emerged as the blockchain firm with the largest share of the stablecoin market capitalization growth, the firm has just dropped in rank.
Latest market data has revealed that Ethena has now taken the top spot, currently sitting as the biggest contributor to stablecoin market capitalization growth over the past 24 hours.
Ethena flips Ripple
Latest data from Token Terminal shows that Ethena has added a massive $337.4 million to its total market cap within just 24 hours, positioning it as a leader in the stablecoin market cap growth.
While this marks a notable shift from the ranking seen the previous day, when Ripple led the sector with a substantial increase of $34.7 million, Ripple has now slipped to the second position, ranking just behind Ethena in the market cap growth record today.
Per the data, Ripple has ceded the stablecoin growth dominance to Ethena as it has recorded a $39.6 million increase over the same 24-hour period.
Although Ripple still maintained decent growth from the volume it recorded the previous day, Ethena's latest performance was extremely strong as it exceeded Ripple's by about 8.5 times.
Impressive growth extends across stablecoin market
The data further showed that other stablecoin issuers also recorded decent increases, even though their gains were considerably smaller than Ethena's and Ripple's.
Notably, USDD followed Ripple with an increase of $13.9 million, while Paxos added $10.8 million to its market capitalization.
Ondo also followed, recording a $4.2 million increase, followed by OpenStandard at $3.2 million and UnitedStables at $3 million.
