The stablecoin economy continues to deplete as more than $3 billion has been erased from the stablecoin market ecosystem over the last 44 days. While statistics show that tether’s market valuation has risen by 2% over the last 30 days, usd coin’s market cap slid by 2.9%, BUSD valuation shed 7.2% over the last month and gemini dollar’s market capitalization slid by 1.5%.
$3 Billion in Dollar-Pegged Tokens Erased in 44 Days as Stablecoin Swaps Represent Nearly 80% of Global Crypto Trade Volume
The overall value of the top stablecoins by market capitalization has shed roughly $3 billion during the last 44 days or since Dec. 15, 2022. At that time, the stablecoin economy was worth $141.07 billion. On that day, stablecoin swaps represented $44.55 billion of the $53.91 billion in global trade volume.
After losing more than $3 billion, the stablecoin economy is valued at $138.07 billion, and stablecoin trades equate to $46.33 billion of the $58.76 billion in global trades on Jan. 28, 2023. Out of the top ten stablecoin assets, three market capitalizations have lost value during the last 30 days.
Statistics show that usd coin (USDC) has shed 2.9% in the past month, and BUSD lost the most with a 7.2% reduction in 30 days. The Binance-affiliated and Paxos-managed dollar-pegged token BUSD has seen a significant number of redemptions over the last few months. At the time of writing, BUSD’s overall market cap in U.S. dollar value is $15.8 billion.
USDC’s market capitalization on Saturday is around $43 billion. On Dec. 15, 2022, the valuation was around $45 billion. Similarly, gemini dollar’s (GUSD) market cap was around $591 million 44 days ago, and today it is around $571 million. While there were a few stablecoin projects that saw market capitalizations slide, tether, DAI, trueusd (TUSD), and pax dollar (USDP) saw increases.
Tether (USDT) saw a 2% increase in coins in circulation over the last 30 days. Makerdao’s DAI increased by 1%, and trueusd (TUSD) climbed 25.3% higher. Pax dollar (USDP) rose by 5.1% and Tron’s USDD saw a small increase of around 0.6% over the last 30 days. Liquity usd (LUSD) managed to rise by 24.4% over the past month, and Abracadabra’s stablecoin MIM jumped 3.9%.
While tens of…
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