Over the past month, the market valuation of the stablecoin economy has fallen from $155.23 billion to $153.34 billion as of July 20, down about 1.21%. The market capitalization of the two best valued stablecoins, Tether and USD Coin, has declined over the past 30 days, while BUSD and DAI have increased.
Stablecoin markets lose about $2 billion, stablecoin token dominance equals 14.16% of the entire crypto economy
Statistics show that on June 23, 2022, the market capitalization of the entire stablecoin economy was approximately $155.23 billion. Since then, $1.89 billion has been erased, as the stablecoin economy as of Wednesday, July 20 is roughly $153,349,982,002. Some decrease of 1.21% was due to tethering (USDT) and 30-day discounts on US dollar coins (USDC).
For example, USDTlast month, market valuation fell 3.1% and USDC fell 2.4%. The market capitalization of the Waves neutrino usd (USDN) network is down 5.7% over the past 30 days. Tether (USDT) is still the largest stablecoin market valuation, but USDC is approaching the same capitalization. USDTThe market cap this week is $65.78B, while USDC’s market cap is down 16.84% at $54.70B.
On July 20, the entire stablecoin economy reached a global trade volume of $84.99 billion, while USDT‘s captured $70.82 billion of that trade volume, while USDC took in $7.53 billion of global trade volume. Both tokens dominate stablecoin trading volumes worldwide with 92.18% of global trading volume in the last 24 hours.
Meanwhile, Binance-backed BUSD stablecoin increased its market capitalization by 3.5% to $17.95 billion. BUSD’s 24 hour trading volume is larger than USDC as BUSD’s trading volume was $8.65 billion. The market capitalization of Makerdao DAI has increased by 8.8% over the past month. At the time of writing, DAI has a market capitalization of around $6.81 billion and a global trade volume of around $330 million.
Last month, the valuation of the stablecoin Inverse.finance dola (DOLA) surged 113.5%. Synthetix.io’s two stablecoins, susd (SUSD) and seur (SEUR), have risen in double digits over the past 30 days. The valuation of SUSD rose by 29.3%, while the market capitalization of Synthetix.io euro token SEUR jumped by 23.5%.
In addition, USDD Tron ranked ninth among stablecoins by market capitalization. Abracadabra’s MIM stablecoin was once in the top ten contenders but is now the 13th largest stablecoin by market valuation. Even though the size of the stablecoin and the crypto economy as a whole has shrunk, today stablecoins are very common in the markets and industry.
FROM USDT and USDC, capturing 92.18% of the $84.99 billion of global trade volume, the combined global trading volume of stablecoins accounts for 70.37% of $120.76 billion of daily trades. Besides, USDTMarket dominance accounts for 6.089% of the net worth of the crypto economy, while the USDC valuation stands at 5.09%. The entire stablecoin economy accounts for 14.16% of the value of $1,082,553,811,424 registered on July 20th.
What do you think of the stablecoin economy over the past 30 days? Let us know your thoughts on this in the comments section below.
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Credit : news.bitcoin.com