Ebb and Flow of Stablecoin Economy Continues, BUSD Market Cap Plunges Below $10 Billion – Altcoins
The stablecoin realm is an ever-evolving landscape, and the number of coins in circulation for the stablecoin BUSD fell below the 10 billion mark on March 3, 2023 to around 9.68 billion. Over the past 30 days, BUSD token supply is down 40% lower. In contrast, the number of circulating tether up 4.7% over the past month to $71.11 billion.
BUSD slips below $10 billion, Tether supply surges 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 is valued at $136 billion and stablecoins account for $47 billion of global trading volume over the last 24 hours. The supply of BUSD has decreased significantly and now stands at 9.68 billion, which is about 0.901% of the net worth of the entire crypto economy. In contrast, the two largest stablecoins are lagging behind market capitalizationUSDT and USDC, has seen an increase in coins in circulation over the past 30 days, while BUSD supply continues to fall.
This month, the supply of Tether (USDT) is up 4.7% to surpass 71 billion coins. US dollar coin (USDC) was also up 1.7%, with 43.16 billion coins in circulation. The supply of three other top stablecoins, viz 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. In contrast, trueusd (TUSD) supply is up 22.5% over the last month to 1.16 billion coins.
USDD and FRAX have also seen gains, with USDD gaining modestly 0.2% over the past month and FRAX gaining 1.1% MoM. All nine stablecoin assets above collectively account for 70.22% of 24-hour trading volume. Before the Terra stablecoin depegging event, the stablecoin market was more predictable and showed steady growth. However, recent declines demonstrate the current unpredictability of the stablecoin market.
Given the recent volatility in supply, what do you think of the future of stablecoins? Do share your thoughts on this topic in the comments section below.
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Source: Crypto News Deutsch
