Stablecoin Economy Growth Stagnates for 73 Days, USDC Market Cap Slides 5% Lower
Since the Terra stablecoin fiasco in May, the top stablecoins by market capitalization dropped 10.66% from $171.37 billion to today’s $153.09 billion. During the last two months, the top stablecoins by market capitalization have seen little growth remaining at $153 billion since mid-July. For More Than 2 Months Stablecoin Market Caps Stagnate Seeing Little Growth
Following the significant climb since mid-2020, the stablecoin economy has seen growth slow during the last few months. In mid-April 2022, the stablecoin economy nearedthe $200 billion range for the first time in history, but following Terra’s stablecoin fiasco, more than $35 billiondisappeared from the stablecoin economy by May 13, 2022. On May 12, 2022, the stablecoin economy was 10.66% larger than it is today at $171.37 billion.
By July 7, the stablecoin economy was down to $154 billion, according to stats saved by archive.org via coingecko.com. The stablecoin economy has remained stagnant in terms of growth during the past 73 days. Tether (USDT), the largest stablecoin market cap, has grown slightly rising 0.7% during the past month, while usd coin (USDC)saw a 4.9% decline. Binance’s stablecoin BUSDsaw an 11.1% increase, while DAI, FRAX, and TUSD declined during the last 30 days.
Pax dollar (USDP) jumped 19.7% higher this past month, but neutrino usd (USDN) dipped by 9.5% lower. Besides BUSDand USDP, celo dollar (CUSD) was one of the only stablecoin market valuations that grew, as CUSD saw a 7.1% increase. A lion’s share of stablecoins within the stablecoin economy saw their market valuations slide during the past month. Furthermore, out of all the stablecoins in existence today, both USDT and USDC equate to 77.26% of the $153 billionstablecoin economy.
Out of the entire crypto economy’s net value at $1 trillion, tether (USDT) represents 6.761%, while usd coin (USDC) equates to 4.995%. While the stablecoin economy has seen stagnant growth during the last 73 days, stablecoins still represent a great deal of the global crypto trade volumes worldwide. Today, $37.68 billion of the $50.55 billion in overall global crypto trade volume is settled in stablecoin assets. The stablecoin trade volume equates to 74% of the global crypto trade volume on Sunday, September 18, 2022. Tags in this story Altcoins, DAI, FRAX, growth, increase, issuance, issuance levels, Magic Internet Money, MIM, Neutrino Protocol, Stablecoin Economy, stablecoin market cap, Stablecoins, Swelling, Terra, Tether, tether market cap, USDC, USDC market valuation, USDN, USDT
What do you think about the stablecoin economy’s stagnant growth during the last 73 days? 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. Team Behind Ethereum"s PoW Fork Aims to Launch Network 24 Hours After The Merge ALTCOINS | 5 days ago In 2 Months the Top Smart Contract Tokens Gained 44% Against the Greenback Ahead of Ethereum"s Merge ALTCOINS | Sep 11, 2022
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