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It appears that the circulation of the stablecoin usd coin has decreased while tether has grown, as the latest statistics paint a contrasting picture. Tether saw a 3% increase in coins in circulation over the past month, while the US dollar-pegged crypto-asset usdcoin recorded a roughly 4.9% decline in the same time frame. From January 6, 2023 to February 10, $2.196 billion worth of mint coins were redeemed in the past month.
According to current statistics, the entire stablecoin market capitalization lost $625,009,636 in value from January 6, 2023, until today. A significant part of the losses can be attributed to the second largest stable coin by market capitalization, usd coin (USDC).
Data shows that USDC fell by 4.9% in about 30 days, resulting in a loss of 2.196 billion in total valuation since January 6th. Conversely, Tether saw a 3% increase, cushioning some of USDC’s losses in terms of the total market cap of the entire stablecoin economy.
The third largest stablecoin by market cap BUSD, has fallen 0.5% over the past 30 days. Statistics recorded on January 6 indicate that BUSD’s market cap was around $16.79 billion, and today its market cap is around $16.19 billion.
The rest of the dominant stablecoins in the top ten positions saw 30-day gains in terms of coins in circulation, including DAI, FRAX, TUSD, USDP, USDD and GUSD. Tron’s USDD jumped 1.3% higher, USDP increased by 3.3%, and TUSD’s number of coins in circulation in the last month increased by 11.9%.
As of now, the stablecoin economy represents approximately 12.9% of the total cryptoeconomy, and trading volume accounts for 81.4% of the total cryptocurrency trading volume. The data suggests that approximately 8 out of 10 trades across the crypto market are conducted with a stablecoin.
Stablecoins have been a part of the cryptocurrency economy for some time, and the dollar-pegged tokens recently benefited from the cryptocurrency economy’s 5% decline after the US Securities and Exchange Commission (SEC) sanctioned Kraken for its staking service.
The future of the stablecoin market and individual stablecoins within it is uncertain, but with ongoing regulatory challenges and trends, it is worth paying attention to. Stablecoins have long dominated in terms of trading volume, but only recently has the number of coins in circulation decreased significantly.
What do you think about the recent action in the stablecoin market and the decline of dollar-pegged coins in circulation? Share your thoughts on this topic in the comments section below.
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