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On Monday, the crypto economy saw significant market activity with $183.85 billion in global trading volume over 24 hours, with a large portion of these trades involving stablecoins. USDC was trading near parity with the US dollar, and several stablecoins, including Tether and BUSD, were selling at a premium. Tether hit a high of $1.04 per unit and BUSD rose to $1.03 per coin during the morning trading sessions (ET).
On Monday, stablecoins saw significant trading volume after the USDC struggled to maintain its peg to the US dollar over the weekend. This caused five other stablecoins to fall just below the $1 value. Today, USDC has almost closed the gap and is trading at $0.99 per coin, but traders looking to trade USDC for tether (USDT), binance usd (BUSD) or another stablecoin may have to pay a premium.
Currently, tether (USDT) is trading at two cents above the US dollar, with an early morning trading price of $1.04 per coin. Some tether (USDT) peaks went as high as $1.076 per USDT on Monday. BUSD saw a similar premium of $1.03 per unit, and other stablecoins, such as TUSD and DAI, are also experiencing higher prices based on the exchange used by traders. At $1.02 per unit and with 72.55 billion USDT in circulation, the additional two cents brings USDT’s market cap to $74.23 billion at the time of writing.
Of the $183.85 billion in global trading volume, USDT accounts for $94.27 billion or 51.27% of the volume. USDC has a global trading volume of $10.79 billion, representing 5.87% of $183 billion in trades over the last 24 hours. Bitcoin (BTC) and ethereum (ETH) have also taken a significant portion of today’s trading volume. Bitcoin (BTC) rose 16.6% against the US dollar on Monday and saw $70.22 billion in swaps, while ethereum (ETH) gained 12.9% and has $68.13 billion in global trading volume.
With the small prizes and USDC back to $1 parity, the market capitalization of the stablecoin economy is currently $136.25 billion. While stablecoin premiums and this weekend’s depegging event may not be beneficial to some traders, the deviations are significantly beneficial to stablecoin arbitrageurs. Furthermore, Curve, the decentralized exchange (dex) focused on stablecoin trading, recorded $1.02 billion in trading volume and is the second largest dex by trading volume on Monday.
What are your thoughts on the current stablecoin market and the impact of recent premiums and depegging events on traders and investors? Share your thoughts on this topic in the comments section below.
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