According to statistics, on March 26, the stablecoin economy was valued at $135 billion, with top stablecoins accounting for $31.8 billion or 75% of the $42.17 billion in trading volume. 24-hour global trading across the entire crypto market. In the past two weeks since March 11, 7.06 billion USDC and 351.57 million BUSD have been exchanged. Meanwhile, from March 14 to 26, the number of tether stablecoins in circulation increased by 6.12 billion.
Changes in Stablecoin Circulation
In recent weeks, the supply of some stablecoins has decreased while others have increased. The top ten stablecoins today include USDT, USDC, BUSD, DAI, TUSD, FRAX, USDP, USDD, GUSD, and LUSD. According Statistics over the last month, USDC, BUSD, and GUSD all experienced double-digit supply declines. The other top ten stablecoin assets saw supply increases, with TUSD supply doubling or rising 112.3% more than 30 days ago.
Among other stablecoin assets, liquidity usd (LUSD) was up 16.2% and tether (USDT) increased by 12.7% in the last month. LUSD now has a market valuation of around $267.70 million, USDTTUSD’s market capitalization has increased to $79.7 billion and TUSD’s market valuation has increased to $2.05 billion. On the other hand, the number of USDC coins in circulation has dropped by 6.12 billion since March 11. Statistics for the last 30 days indicate that the USDC lost 19.5% of its supply compared to last month.
BUSD and GUSD saw the largest drawdowns, with GUSD losing 31.6% of its supply in the last 30 days. BUSD has reduced its offer by 30.6% since last month, and its market valuation is just above $8 billion. According to Nansen’s proof of reserves tool, Binance has $7.3 billion of BUSD. The DAI stablecoin issued by Makerdao has seen a 4.7% increase in circulation. Over the last month, FRAX posted an increase of 1.9% and the USDP is up 8.5%.
What do you think the future holds for stablecoins and their role in the cryptocurrency 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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