all about cryptop referances
Since the Terra stablecoin debacle in May, the top stablecoins by market cap fell 10.66% from $171.37 billion to today’s $153.09 billion. Over the past two months, the top stablecoins by market capitalization have seen little growth of $153 billion since mid-July.
After the significant rise since mid-2020, the stablecoin economy has seen its growth slow in recent months. By mid-April 2022, the stablecoin economy came closer 200 billion dollars for the first time in history, but after Terra’s stablecoin fiasco, more than 35 billion dollars disappeared from the stablecoin economy by May 13, 2022. On May 12, 2022, the stablecoin economy was 10.66% larger than it is today at 171.37 billion dollars.
By July 7, the stablecoin economy was down to 154 billion dollars, according to statistics stored by archive.org via coingecko.com. The stablecoin economy has remained quiet in terms of growth for the past 73 days. Tether (USDT)the largest stablecoin market cap, has grown slightly by 0.7% over the past month, while usd coin (USDC) had a decrease of 4.9%. Binance’s stablecoin BUSD saw an increase of 11.1%, while DAI, FRAX and TUSD fell over the past 30 days.
Pax dollar (USDP) jumped 19.7% higher in the last month, but neutrino usd (USDN) fell 9.5% lower. In addition BUSD and USDP, the greenback (CUSD) was one of the only stable coin market valuations to grow, as CUSD saw a 7.1% increase. A lion’s share of stablecoins in the stablecoin economy saw their market values slip over the past month. Furthermore, of all stablecoins in existence today, both USDT and USDC account for 77.26% of 153 billion dollars stablecoin economy.
Of the entire crypto economy net worth of 1 trillion dollars, tether (USDT) represents 6.761%, while usd coin (USDC) corresponds to 4.995%. While the stablecoin economy has seen stagnant growth over the past 73 days, stablecoins still represent a large portion of global crypto trading volumes worldwide. Today, $37.68 billion of $50.55 billion in total global crypto trading volume is settled in stablecoin assets. Stablecoin trading volume equals 74% of global crypto trading volume on Sunday, September 18, 2022.
What do you think of the stablecoin economy’s stagnant growth over the past 73 days? Let us know what you think about this topic in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com 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 content, goods or services mentioned in this article.
