shows that USDC decreased by 4.9% in approximately 30 days, resulting in a loss of 2.196 billion in overall valuation since Jan. 6. Conversely, Tether saw a 3% increase, mitigating some of USDC’s losses in terms of the overall market capitalization of the entire stablecoin economy.The third largest stablecoin by market valuation BUSD, has shed 0.5% over the last 30 days. Statistics recorded on Jan. 6 indicate that BUSD’s market cap was around $16.
The rest of the dominant stablecoins in the top ten standings saw 30-day increases 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 over the last month swelled by 11.9%. As of now, the stablecoin economy represents approximately 12.9% of the total crypto economy, and its trade volume accounts for 81.4% of the overall cryptocurrency trade volume. The data suggests roughly 8 out of every 10 trades across the crypto market are conducted using a stablecoin.
Stablecoins have been a part of the cryptocurrency economy for some time, and the dollar-pegged tokens have recently benefited from the crypto economy’s 5% decline after the U.S. Securities and Exchange Commission 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 trade volume, but only recently have the number of coins in circulation declined significantly.
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