In October, a total of $608 million was invested in fiat-backed digital currencies by investors.
The majority of this capital was directed towards the largest stablecoin, Tether, which saw a 2% increase in supply to $84.98 billion.
This is a significant rise from the previous supply of $83.22 billion in September.
The volume of USDT transactions on 456 crypto exchanges in the last 24 hours amounted to $19.79 billion, representing 27% of the total daily turnover of stablecoins.
Overall, the total market capitalization of fiat-backed digital currencies grew from $123.05 billion to $123.66 billion in October.
However, the capitalization of USDC and DAI decreased by 3% to $24.5 billion and $3.72 billion, respectively.
The supply of FDUSD tokens, on the other hand, experienced a significant jump of 45% to $544.26 million.
According to the Quicknode platform, there were approximately 400,000 active USDT addresses at the end of the third quarter, indicating a steady increase from the 317,000 wallets transacting with the stablecoin in the first quarter.
