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Stablecoin Economy Continues to Drain – USDC’s Market Cap Lost $6.7 Billion in 83 Days – Altcoins Bitcoin News
Just over two months or about 83 days ago, the stablecoin usd coin (USDC) had a market cap of about $55.52 billion and since then USDC’s market cap has lost 12.05%. For most of 2022, the second largest stablecoin by market capitalization, USDC has been above $50 billion, but this week the market cap of the crypto asset is around $48.82 billion.
Following Tether’s Recent Stablecoin Reduction, USDC’s Market Cap Falls 12%
In mid-June, Bitcoin.com News reported on the largest stablecoin asset tether (USDT), as USDT saw more than $12 billion wiped from its market cap in two months, while at the same time usd coins (USDC) market cap increased by 9%.
However, USDC’s market cap has shrunk a lot over the past 83 days, as it has fallen by $6.7 billion since July 7, 2022. At the time of writing, at 4:15 PM (ET) Wednesday afternoon, USDC’s market cap shows. is $48.82 billion and on July 7 it was much higher at approximately $55.52 billion.
USDC’s market cap today is below the $50 billion zone, but for most of 2022, stablecoins kept their market cap above this region. On February 1, 2022, the USDC captured $50 billion in market capitalization, and it remained above this region until April 17.
After May 13, the USDC once again recaptured a market cap above the $50 billion zone, and it remained so for about 130 consecutive days. While USDC’s market cap shrank by 12.05% over the last 83 days, 6.6% of the loss was erased from its market cap over the last 30 days.
USDC’s market capitalization drop follows the company’s recent partnership with Robinhood Markets, but it also follows the recent auto-convert moves from Binance and Wazirx. Both Binance and Wazirx automatically converted customers’ USDC holdings (and other stablecoins) to BUSD if they did not withdraw USDC by a certain date.
Today, September 28, statistics indicate that USDC has approximately $4.31 billion in 24-hour global trading volume. Stablecoin’s market cap dominance represents 4.985% of the crypto economy’s $983 billion in fiat value. USDC’s best trading pair today is tether (USDT) as it accounts for 32.25% of today’s coin trading in usd.
Tether is followed by EUR (27.16%), USD (22.56%) and GBP (6.51%) in terms of USDC’s top pairs on Wednesday. Stablecoins such as tether (USDT) and usd coin (USDC) have seen a significant increase in the euro and pound trading pairs since both fiat currencies began to slide against the dollar.
What do you think about USDC’s market cap falling more than 12% over the last 83 days and 6.6% over the last 30 days? Let us know what you think about this topic in the comments section below.
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