The renowned San Francisco-based blockchain firm associated with XRP, Ripple, has posted substantial growth in its stablecoin market over the last month.
Apart from its substantial growth over the period, the firm has also gained dominance in the sector, outperforming several major stablecoin-issuing firms.
Ripple leads stablecoin market growth
Known for its growth and development, the firm has consistently maintained its dominance in the stablecoin sector. However, the past week saw Ethena challenge Ripple’s dominance by taking over the top spot over a 24-hour period.
Nonetheless, the latest data from Token Terminal shows that Ripple has maintained dominance across the stablecoin market over the last month.
According to the data, Ripple has emerged as the leading contributor to stablecoin market growth over the past 30 days, recording a $258.2 million increase in market capitalization.
This shows that even though Ripple’s associated crypto token XRP has continued to face persistent volatility over the period, Ripple has maintained strong momentum in the stablecoin market.
Ripple outperforms Ethena and others
In addition to its impressive increase over the last month, further data shows that Ripple has outpaced several other major stablecoin issuers over the period.
While Ripple took the top spot in monthly stablecoin market growth, the data shows that Open Standard ranked second, with an increase of $165.1 million over the same period.
While Ethena had frequently ranked next to Ripple, the project took the third spot this time, recording an increase of only $78 million in its market capitalization.