Ripple’s run at the top lasted about a day. Over the past 24 hours, Ethena has taken the lead in stablecoin market cap growth, with $337.4 million added to its total market cap.
Token Terminal’s latest data puts that at roughly 8.5 times what Ripple gained in the same period.
A bigger gain still left Ripple in second
Ripple’s market cap went up. In the latest 24-hour window it added $39.6 million, beating the $34.7 million that had put it first in the sector the previous day.
That improvement didn’t hold first place. Ethena’s $337.4 million pushed it ahead, and Ripple is now second.
These figures measure growth across one 24-hour period. Ripple stayed in front for a single day, and Ethena’s lead may be just as short.
Gains drop off sharply below the top two
Further down, the numbers shrink fast. USDD was third with a $13.9 million increase, while Paxos grew its market capitalization by $10.8 million.
Ondo posted a $4.2 million rise. Next came OpenStandard at $3.2 million, then UnitedStables at $3 million.
All of the issuers listed saw growth. Ethena’s roughly $337.4 million was more than the other six managed combined, which came to about $74.7 million.