Fun

Stablecoin Economy Continues to Shrink Shedding Close to 5% in 2 Months

News Feed - 2022-11-29 12:11:22

Stablecoin Economy Continues to Shrink Shedding Close to 5% in 2 Months


During the last month, the market capitalization of all the stablecoins in existence dropped by more than 2%, shedding roughly $2.98 billion since the end of October. Statistics show that tether, the largest stablecoin by market valuation, saw its market cap lose more than 5% during the last 30 days. Tether’s market cap slipped from last month’s $69.13 billion to today’s $65.48 billion. Stablecoin Economy Drops Lower, Tether Market Cap Sheds 5%


Statistics show that the stablecoin economy’s market valuation has reduced during the last 30 days by roughly 2.02%. On Oct. 31, 2022, the stablecoin economy was valued at $147.03 billion and today, it’s down to $144.05 billion.


Furthermore, the market capitalization of all the stablecoins in existence is much lower than it was two months ago, as the market cap dropped by 4.83% from $151.37 billion to today’s $144 billion total. Data indicates that this past month, tether (USDT) has seen its market capitalization drop more than 5% lower from $69.13 billion to the current $65.48 billion.



However, the second-largest stablecoin by market cap, usd coin (USDC) has seen its market valuation increase during the past 30 days, jumping roughly 1.5% higher. The stablecoin BUSD’s valuation continues to grow month after month, and over the last 30 days, it’s up 4.8%. Out of the top five stablecoins today, BUSD’s market cap grew the most over the last month.



Makerdao’s DAI stablecoin has shed 9.7% this past month and the stablecoin’s market capitalization was the biggest loser out of the top ten dollar-pegged crypto tokens. On Oct. 31, DAI’s market cap was around $5.77 billion and today, it’s coasting along at $5.20 billion. With tether and DAI leading the losses over the last month out of the top ten stablecoins, frax (FRAX) followed behind the two tokens shedding around 3.1% last month.


Stablecoin trade volume has dropped a great deal over the last two months but the tokens still represent a majority of today’s trades. For instance, on Sept. 27, 2022, stablecoins captured $205 billion out of the $225 billion in global trades. On Oct. 31, stablecoins recorded $55.91 billion in trades out of the total worldwide crypto trade volume ($71 billion).


During the past 24 hours stablecoins have captured $37.73 billion and the aggregate trade volume among all the crypto coins in existence today is roughly $46.56 billion. This means out of the $46 billion in trades among all the crypto assets, stablecoins equate to 81.04% of those trades. Tags in this story BUSD, Circle, Crypto Trade Volume, DAI, dollar-pegged crypto tokens, FRAX, makerdao, Makerdao’s DAI, Paxos, Stablecoin, stablecoin asset, Stablecoin Economy, stablecoin trade volume, Stablecoins, Tether, Tether stablecoin, Tether"s USDT, top five stablecoins, top ten stablecoins, Tron"s Stablecoin, trueusd, tusd, usd coin, USDC, USDD, USDP, USDT


What do you think about the state of the stablecoin market today? What do you think about the stablecoin economy’s valuation slipping by close to 5% during the past two months? Let us know what you think about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Terra Supporters Hope to "Defy the Odds" by Pumping the Now-Defunct Stablecoin USTC Back to $1 Parity ALTCOINS | 6 hours ago Altcoin SNM"s 4,000% Price Surge in 24 Hours Fuels Pump and Dump Claims ALTCOINS | Nov 20, 2022


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBitcoin, Ethereum Technical Analysis: BTC, ETH Start Week Lower as Bearish Sentiment Returns to Markets Next articleBiggest Movers: DOGE Down 10%, XRP Extends Declines Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards


Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms

News Feed

XRP Price: Analyst Says Expect Biblical Move Before Historic Crash – Here Are The Targets
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Fantom Network Launches Automated Smart Contract Audit System Watchdog to Monitor for Bugs
Fantom Network Launches Automated Smart Contract Audit System Watchdog to Monitor for Bugs On October 27, the Fantom Foundation announced a collaboration with the security and anal
9 Countries Show Huge Growth in Cryptocurrency Interest: Coinmarketcap
9 Countries Show Huge Growth in Cryptocurrency Interest: CoinmarketcapCoinmarketcap has revealed the top countries with the largest increase in the number of users. One segment show
Savannah Fortis14 hours agoSouth Korea to pilot CBDC in one of these three cities, not SeoulSouth Korea pushes forward with its CBDC pilot and targets three potential test regions for issuing and distributing the digital
Microsoft, Google, Nvidia and more filed SEC warnings that AI could ruin business
Tristan Greene5 hours agoMicrosoft, Google, Nvidia and more filed SEC warnings that AI could ruin businessThe reasons ranged from cannibalizing their own businesses to releasing potentially inferior products.1763 Total v
Alice Ivey13 hours agoHow to use tax planning strategies for maximum savingsLearn how to navigate tax laws and regulations for optimal financial management.524 Total viewsListen to article 0:00OverviewJoin us on social n
Marcel Pechman6 hours agoBlackRock has more to lose from a BTC price crash pre-Bitcoin ETFThe argument that BlackRock gains from cheaper Bitcoin for its ETF launch isn’t straightforward, and neither is the idea that th
Metaverse Real Estate Sales to Grow by $5 Billion by 2026
Metaverse Real Estate Sales to Grow by $5 Billion by 2026 The real estate market in the metaverse is projected to pass $5 billion by 2026. This is the prediction of the latest meta
Dubai Customs launches blockchain platform amid smart city effort
Brayden Lindrea4 hours agoDubai Customs launches blockchain platform amid smart city effortDubai Customs hopes the blockchain solution will facilitate tamper-proof data sharing, save time and effort and reduce voluminous
Riot Platform buys Kentucky-based Block Mining for $93M
Martin Young3 hours agoRiot Platform buys Kentucky-based Block Mining for $93MRiot says the deal will immediately add one exahash per second to its self-mining hashrate and expands its footprint in the United States.2495
Zhiyuan Sun8 hours agoTrader swaps 131K stablecoins for $0 during USDR depegAn attempt to withdraw USDR stablecoins amid a liquidity crunch appears to have gone horribly wrong.2153 Total views33 Total sharesListen to art
SEC can proceed with Coinbase lawsuit: Court ruling
Zoltan Vardai9 hours agoSEC can proceed with Coinbase lawsuit: Court rulingCoinbase’s motion to drop the SEC’s case against the exchange was denied in court, allowing the regulator to proceed with its lawsuit.4207 To