Stablecoin Market in Flux: More Than $2 Billion in USDC Redemptions in 30 Days
It looks like the mintage of usd coin has decreased while the mintage of tether has risen as the latest statistics paint a contrasting picture. Tether has seen a 3% increase in the number of coins in circulation over the past month, while USD-pegged crypto asset usd coin has recorded a decline of around 4.9% over the same time period. From January 6, 2023 to February 10, about $2.196 billion in US dollars was redeemed in the last month.
Monitoring the latest developments in the stablecoin economy amid regulatory measures in 2023
According to current statistics, the entire stablecoin market cap has lost $625,009,636 in value since January 6, 2023, until today. Much of the loss can be attributed to the second largest stablecoin by market capitalization, the US dollar (USDC).
Data shows that USDC is down 4.9% in about 30 days, resulting in a loss of 2.196 billion in total valuation since Jan 6. Conversely, Tether posted a 3% gain, mitigating some USDC losses in terms of overall market cap. the entire stablecoin economy.
The third largest stablecoin by market valuation BUSD has lost 0.5% in the last 30 days. Statistics recorded on January 6th show that the market capitalization of BUSD was about $16.79 billion, and today the current market capitalization is about $16.19 billion.
The rest of the dominant stablecoins in the top ten showed 30-day increases in the number of coins in circulation, including DAI, FRAX, TUSD, USDP, USDD and GUSD. USDD Tron jumped 1.3%, USDP increased 3.3%, and the number of TUSD coins in circulation increased by 11.9% over the last month.
At the moment, the stablecoin economy accounts for approximately 12.9% of the entire crypto economy, and its trading volume accounts for 81.4% of the total cryptocurrency trading volume. The data shows that roughly 8 out of every 10 trades in the crypto market are made using a stablecoin.
Stablecoins have been a part of the cryptocurrency economy for some time now, and dollar-pegged tokens recently benefited from a 5% downturn in the cryptocurrency economy after the U.S. Securities and Exchange Commission (SEC) sanctioned Kraken for its staking services.
The future of the stablecoin market and individual stablecoins in it is uncertain, but given the current challenges and regulatory trends, it is worth looking into. Stablecoins have dominated trading volume for a long time, but it is only recently that the number of coins in circulation has declined significantly.
What do you think of the recent activity in the stablecoin market and the decrease in the number of dollar-pegged coins in circulation? Share your thoughts on this in the comments section below..
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Credit : news.bitcoin.com