The market capitalization of the top stablecoins fell 10.66% since May's Terra fiasco. It was $171.37 billion, but it is now $153.09 billion. The top stablecoins according to market capitalization have experienced little growth in the past two months. They are now at $153 billion, which is the same as mid-July.
Stablecoin Market Caps Stable for More Than 2 months Seeing Little Growth
The stablecoin economy's growth has slowed in the past few months after a significant rise since mid-2020. The stablecoin economic reached $200 billion in mid-April 2022. However, after Terra's stablecoin fiasco, $35 billion was lost from the stablecoin market by May 13, 2022. The stablecoin economy, which was $171.37 billion larger than today, was 10.66% bigger on May 12, 2022.
The stablecoin economy had fallen to $154 Billionspan styling="font-weight 400 ;">, according stats saved to archive.org via Coingecko.com. The stablecoin economy has been stagnant in terms growth over the past 73 day. The largest stablecoin market cap of Tether (USDT) has seen a slight increase of 0.7% over the past month. However, usd coin (USDC), saw a 4.9% decrease. Binance's stablecoin BUSD experienced an 11.1% rise, while DAI and FRAX declined over the past 30 days.
The Pax dollar (USDP), rose 19.7%, while the neutrino USDN (USDN) fell 9.5%. Celo dollar (CUSD), which saw a 7.1% rise, was the only stablecoin market value that grew. The market valuations of the majority of stablecoins in the stablecoin economic suffered a significant decline over the past month. Additionally, USDT and USDC account for 77.26% of the total $153 billion stablecoin market.
Tether (USDT), which represents 6.761% of the $1 trillion crypto economy's total value, is equivalent to 4.995%. Usd coin (USDC), however, is equivalent to 4.995%. Stablecoins have seen stagnant growth over the past 73 days. However, they still account for a large portion of global crypto trade volumes. Stablecoin assets account for $37.68 Billion of the total $50.55 Billion global crypto trade volume. Stablecoin volume is 74% of global crypto trade volume as of Sunday, September 18, 2022.
What are your thoughts on the stagnant growth of the stablecoin currency's economy over the past 73 days? Please comment below to let us know your thoughts on this topic.
By: Jamie Redman
Title: Stablecoin Economy Growth Stagnates for 73 Days, USDC Market Cap Slides 5% Lower
Sourced From: news.bitcoin.com/stablecoin-economy-growth-stagnates-for-73-days-usdc-market-cap-slides-5-lower/
Published Date: Sun, 18 Sep 2022 17:30:02 +0000