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Stablecoin market sees fluctuations with some coins winning and others reducing supply – Altcoins Bitcoin News
According to statistics, as of March 26, the stablecoin economy was valued at $135 billion, with the top stablecoins representing $31.8 billion or 75% of the $42.17 billion 24-hour global trading volume across the entire crypto market. In the last two weeks since March 11, 7.06 billion USDC and 351.57 million BUSD have been redeemed. Meanwhile, from March 14 to March 26, the number of stable bond coins in circulation increased by 6.12 billion.
Stablecoin Circulation Changes
In recent weeks, supplies of some stablecoins have decreased while others have increased. Today’s top ten stablecoins include USDT, USDC, BUSD, DAI, TUSD, FRAX, USDP, USDD, GUSD and LUSD. According to statistics for the last month, USDC, BUSD and GUSD experienced double-digit reductions in supply. The other top ten stablecoin assets recorded supply increases, with TUSD’s supply doubling or rising 112.3% higher than it was 30 days ago.
Among other stablecoin assets, liquidity USD (LUSD) rose 16.2% and tether (USDT) gained 12.7% in the past month. LUSD now has a market cap of around $267.70M, USDT’s market cap has risen to $79.70B, and TUSD’s market cap has grown to $2.05B. On the other hand, the USDC’s number of coins in circulation has fallen by 6.12 billion since March 11th. Statistics for the last 30 days indicate that the USDC lost 19.5% of its supply compared to the previous month.
BUSD and GUSD experienced the largest reductions, with GUSD losing 31.6% of its supply over the past 30 days. BUSD has reduced its supply by 30.6% since last month, and its market cap is just over $8 billion. According to Nansen’s proof-of-reserves tool, $7.3 billion BUSD is held by Binance. Stablecoin DAI issued by Makerdao has seen a 4.7% increase in circulation. Over the past month, FRAX registered a 1.9% increase and USDP has risen 8.5%.
What do you think the future holds for stablecoins and their role in the crypto market? Will we see continued growth and adoption or will they face new challenges and obstacles? Share your thoughts in the comments section below.
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