{"id":14036,"date":"2022-09-29T03:08:25","date_gmt":"2022-09-29T03:08:25","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/stablecoin-economy-continues-to-deflate-usdcs-market-cap-shed-6-7-billion-in-83-days-altcoins-bitcoin-news\/"},"modified":"2022-09-29T03:08:25","modified_gmt":"2022-09-29T03:08:25","slug":"stablecoin-economy-continues-to-deflate-usdcs-market-cap-shed-6-7-billion-in-83-days-altcoins-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/stablecoin-economy-continues-to-deflate-usdcs-market-cap-shed-6-7-billion-in-83-days-altcoins-bitcoin-news\/","title":{"rendered":"Stablecoin Economy Continues to Deflate \u2014 USDC’s Market Cap Shed $6.7 Billion in 83 Days \u2013 Altcoins Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Just over two months or approximately 83 days ago, the stablecoin usd coin (USDC) had a market valuation of around $55.52 billion and since then, USDC\u2019s market capitalization has lost 12.05%. For most of 2022, the second largest stablecoin by market capitalization, USDC has been above the $50 billion mark, but this week the crypto asset\u2019s market valuation is around $\u200b\u200b48.82 billion.<\/strong><\/p>\n

Following Tether\u2019s Recent Stablecoin Reduction, USDC\u2019s Market Cap Drops 12%<\/h2>\n

In mid-June, Bitcoin.com News reported<\/a> on the largest stablecoin asset tether (USDT)<\/a>, as USDT<\/a>\u2019s saw more than $12 billion erased from the market cap in two months and at that same time, usd coin\u2019s (USDC)<\/a> market cap rose by 9%.<\/p>\n

However, USDC\u2019s market cap has shrunk a great deal during the last 83 days, as it has dropped by $6.7 billion since July 7, 2022<\/a>. At the time of writing, at 4:15 p.m. (ET) on Wednesday afternoon, USDC\u2019s market valuation is $48.82 billion and on July 7, it was much higher at roughly $55.52 billion.<\/p>\n

\"Stablecoin
USDC market capitalization chart on September 28, 2022.<\/figcaption><\/figure>\n

USDC\u2019s market cap today is under the $50 billion zone but for most of 2022, the stablecoin\u2019s market valuation remained above that region. On February 1, 2022, USDC captured the $50 billion mark, in terms of market capitalization, and it remained above that region until April 17.<\/p>\n

After May 13, USDC<\/a> once again reclaimed a market valuation above the $50 billion zone, and it remained that way for roughly 130 consecutive days. While USDC\u2019s market valuation shrunk by 12.05% during the last 83 days, 6.6% of the loss was erased from the market cap during the past 30 days.<\/p>\n

USDC\u2019s market cap drop follows the company\u2019s recent partnership<\/a> with Robinhood Markets<\/a>, but it also follows the recent auto-conversion moves<\/a> by Binance and Wazirx<\/a>. Both Binance and Wazirx auto-converted their customer\u2019s USDC holdings (and other stablecoins) into BUSD<\/a> if they did not withdraw the USDC by a specific date.<\/p>\n

Today, on September 28, statistics indicate that USDC<\/a> has roughly $4.31 billion in 24-hour global trade volume. The stablecoin\u2019s market cap dominance represents 4.985% of the crypto economy\u2019s $983 billion in fiat value. USDC\u2019s top trading pair today is tether (USDT<\/a>) as it accounts for 32.25% of today\u2019s usd coin trades.<\/p>\n

Tether is followed by EUR (27.16%), USD (22.56%), and GBP (6.51%) in terms of USDC\u2019s top pairs on Wednesday. Stablecoins like tether (USDT<\/a>) and usd coin (USDC) have seen a significant rise in euro<\/a> and pound<\/a> trading pairs since both fiat currencies started to slide against the greenback<\/a>.<\/p>\n

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\nTags in this story
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$6.7 billion<\/a>, Altcoins<\/a>, Binance<\/a>, Circle<\/a>, Dollar Backed<\/a>, Fiat<\/a>, fiat currencies<\/a>, Market Caps<\/a>, Robinhood<\/a>, Stablecoin<\/a>, Stablecoin Caps Deflate<\/a>, Stablecoin Economy<\/a>, Stablecoin Market caps<\/a>, Tether<\/a>, usd coin<\/a>, USDC<\/a>, USDT<\/a>, Wazirx<\/a><\/div>\n<\/div>\n

What do you think about USDC\u2019s market valuation sliding by more than 12% during the past 83 days and 6.6% over the last 30 days? Let us know what you think about this subject in the comment section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie 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.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: 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<\/a> 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.<\/p>\n<\/div>\n

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