{"id":17029,"date":"2023-01-28T21:42:23","date_gmt":"2023-01-28T21:42:23","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/stablecoin-economy-sheds-another-3-billion-in-44-days-altcoins-bitcoin-news\/"},"modified":"2023-01-28T21:42:23","modified_gmt":"2023-01-28T21:42:23","slug":"stablecoin-economy-sheds-another-3-billion-in-44-days-altcoins-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/stablecoin-economy-sheds-another-3-billion-in-44-days-altcoins-bitcoin-news\/","title":{"rendered":"Stablecoin Economy Sheds Another $3 Billion in 44 Days \u2013 Altcoins Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The stablecoin economy continues to deplete as more than $3 billion has been erased from the stablecoin market ecosystem over the last 44 days. While statistics show that tether\u2019s market valuation has risen by 2% over the last 30 days, usd coin\u2019s market cap slid by 2.9%, BUSD valuation shed 7.2% over the last month and gemini dollar\u2019s market capitalization slid by 1.5%.<\/strong><\/p>\n

$3 Billion in Dollar-Pegged Tokens Erased in 44 Days as Stablecoin Swaps Represent Nearly 80% of Global Crypto Trade Volume<\/h2>\n

The overall value of the top stablecoins by market capitalization has shed roughly $3 billion during the last 44 days or since Dec. 15, 2022<\/a>. At that time, the stablecoin economy was worth $141.07 billion. On that day, stablecoin swaps represented $44.55 billion of the $53.91 billion in global trade volume.<\/p>\n

\"Stablecoin
The total market capitalization of the entire stablecoin economy on Jan. 28, 2023.<\/figcaption><\/figure>\n

After losing more than $3 billion, the stablecoin economy is valued at $138.07 billion<\/a>, and stablecoin trades equate to $46.33 billion of the $58.76 billion in global trades on Jan. 28, 2023. Out of the top ten stablecoin assets, three market capitalizations have lost value during the last 30 days.<\/p>\n

Statistics show that usd coin (USDC)<\/a> has shed 2.9% in the past month, and BUSD lost the most with a 7.2% reduction in 30 days. The Binance-affiliated and Paxos-managed dollar-pegged token BUSD<\/a> has seen a significant number of redemptions over the last few months. At the time of writing, BUSD\u2019s overall market cap in U.S. dollar value is $15.8 billion.<\/p>\n

\"Stablecoin
Top five stablecoins by market capitalization on Jan. 28, 2023. USDC shed 2.9% and BUSD lost 7.2% over the last 30 days in terms of tokens in circulation.<\/figcaption><\/figure>\n

USDC\u2019s market capitalization on Saturday is around $43 billion. On Dec. 15, 2022, the valuation was around $45 billion. Similarly, gemini dollar\u2019s (GUSD)<\/a> market cap was around $591 million 44 days ago, and today it is around $571 million. While there were a few stablecoin projects that saw market capitalizations slide, tether, DAI<\/a>, trueusd (TUSD), and pax dollar (USDP) saw increases.<\/p>\n

Tether (USDT)<\/a> saw a 2% increase in coins in circulation over the last 30 days. Makerdao\u2019s DAI<\/a> increased by 1%, and trueusd (TUSD)<\/a> climbed 25.3% higher. Pax dollar (USDP) rose by 5.1% and Tron\u2019s USDD saw a small increase of around 0.6% over the last 30 days. Liquity usd (LUSD) managed to rise by 24.4% over the past month, and Abracadabra\u2019s stablecoin MIM jumped 3.9%.<\/p>\n

While tens of billions in stablecoin assets have been removed since last year, they still represent a dominant force in the crypto economy. Since May 2022, three stablecoin assets have remained in the top ten market cap positions: USDT<\/a>, USDC, and BUSD. Both USDT<\/a> and USDC have been in the top ten positions for much longer.<\/p>\n

Furthermore, the entire stablecoin economy, valued at $138 billion, represents 12.71% of the entire crypto economy\u2019s value of $1 trillion<\/a>. In trade volume alone on Saturday, Jan. 28, stablecoins equated to 78.85% of all crypto asset trades worldwide on both centralized and decentralized exchange (dex) platforms. That means more than seven out of ten crypto asset trades today, have been swapped with a stablecoin.<\/p>\n

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$3 Billion<\/a>, 30-days<\/a>, 44 days<\/a>, Abracadabra<\/a>, Assets<\/a>, Binance<\/a>, BUSD<\/a>, BUSD decline<\/a>, Centralized<\/a>, Circulation<\/a>, Crypto<\/a>, crypto economy<\/a>, Cryptocurrency<\/a>, DAI<\/a>, decentralized exchange<\/a>, decline<\/a>, Dollar-Pegged<\/a>, Dominance<\/a>, Economy<\/a>, Gemini Dollar<\/a>, Global<\/a>, Liquidity<\/a>, loss<\/a>, LUSD<\/a>, makerdao<\/a>, market<\/a>, Market Capitalization<\/a>, market positions<\/a>, MIM<\/a>, Pax dollar<\/a>, Paxos<\/a>, redemptions<\/a>, Stablecoin<\/a>, Stablecoin Economy<\/a>, Tether<\/a>, Tether (USDT)<\/a>, Top Ten<\/a>, trade<\/a>, tron<\/a>, trueusd<\/a>, usd coin<\/a>, usd coin (USDC)<\/a>, USDD<\/a>, Value<\/a>, volume<\/a><\/div>\n<\/div>\n

What does the recent decline in the stablecoin economy signify for the overall cryptocurrency market? Share your thoughts in the comments.<\/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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