Report: Global stablecoin supply fell 2.7% from its peak at the end of August and is expected to rebound before the US election

PANews reported on October 28 that according to Crowdfund Insider, according to a research report by OurNetwork, the global stablecoin supply has fallen 2.7% from its peak on August 30, but as the US election approaches and cryptocurrency prices rise, the stablecoin supply is expected to rebound.

The report notes that the relatively low stablecoin supply over the past 60 days is related to “the decline in PayPal’s PYUSD supply following the launch of liquidity incentives associated with multiple Solana DeFi protocols. At its peak, “the annual interest rate for lending PYUSD on Kamino Finance was close to 20%, but today it is only 7.9%.”

Additionally, the supply of stablecoins pegged to the euro is growing, with Circle’s EURC supply “growing over 40% in the past month.” Base has been the main network to benefit, with the value of EURC on the chain growing from $22 million to $48 million.