The stablecoin realm is an ever-evolving landscape and the number of coins in circulation for the BUSD stablecoin has dropped below the 10 billion mark to approximately 9.68 billion on March 3, 2023. Over the past 30 days, the BUSD token supply has fallen 40% lower. On the contrary, the number of tethers in circulation has increased by 4.7% to 71,110 million in the last month.
BUSD falls below $10 billion, Tether supply rises by 4.7% to over $71 billion
In the stablecoin economy, fluctuations in the supply of currencies are key drivers of change. As of Friday, March 3, 2023, the stablecoin economy has a valuation of $136 billionand stablecoins account for $47 billion of global trade volume in the last 24 hours. The BUSD supply has decreased significantly and now stands at 9.68 billion, which represents approximately 0.901% of the net worth of the entire crypto economy. In contrast, the two largest stablecoins by market cap, USDT and USDC, have seen increases in terms of coins in circulation over the past 30 days, while the supply of BUSD continues to plummet.
This month, the supply of tether (USDT) is up 4.7%, topping 71 billion coins. The USD coin (USDC) also saw an increase of 1.7%, with 43.16 billion coins in circulation. However, the supply of three other major stablecoins, namely DAI, pax dollar (USDP) and gemini dollar (GUSD), has declined. DAI supply is down 2.1% this month, while USDP is down 20.2%. Similarly, the supply of GUSD is also down 2% over the past 30 days. By contrast, the supply of trueusd (TUSD) has increased by 22.5% over the past month, reaching 1.16 billion coins.
USDD and FRAX have also seen increases, with USDD rising slightly 0.2% over the past month and FRAX rising 1.1% compared to the prior month. Together, the aforementioned nine stablecoin assets account for 70.22% of 24-hour trading volume. Prior to the Terra stablecoin unpegging event, the stablecoin market was more predictable and showing steady growth. However, the declines of late demonstrate the current unpredictable nature of the stablecoin market.
What do you think the future holds for stablecoins in light of recent supply fluctuations? Share your thoughts on this topic in the comments section below.
image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. 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 any content, goods or services mentioned in this article.
