Just about a day after Ripple became the blockchain company with the largest market value growth share in the stablecoin market, this company has now fallen in rankings.

The latest market data shows that Ethena has now risen to the top, becoming the biggest contributor to the growth in the market value of stablecoins over the past 24 hours.

Ethena surpasses Ripple

Token Terminal latest data shows that Ethena added $337.4 million to its total market value in just 24 hours, putting it in a leading position in terms of stablecoin market value growth.

There has been a noticeable change compared to the rankings of the previous day. The day before, Ripple led the field with a significant increase of 34.7 million US dollars; however, now Ripple has fallen to second place, ranking just behind Ethena in terms of market value growth for that day.

Data shows that within the same 24-hour period, the market value of Ripple increased by 39.6 million US dollars, allowing Ethena to take over the leading position in stablecoin growth.

Although the performance of Ripple relative to the trading volume of the previous day still maintained a good growth, the latest performance of Ethena was extremely strong, with an increase of about 8.5 times that of Ripple.

The stablecoin market continues to grow overall.

Data shows that other stablecoin issuers also recorded decent growth, although their increases are significantly smaller than those of Ethena and Ripple.

Among them, USDD follows closely after Ripple, with a market value increase of 13.9 million US dollars; Paxos has a market value increase of 10.8 million US dollars.

Ondo subsequently recorded a growth of 4.2 million US dollars, OpenStandard grew by 3.2 million US dollars, and UnitedStables grew by 3 million US dollars.

The data in this article is cited from Token Terminal. The original author is Caroline Amosun, and it was published on U.Today.