Stablecoin Market Cap Slides, BUSD and DAI Valuations Jump, Fiat Tokens Represent 70% of All Crypto Trades – Altcoins Bitcoin News
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During the last month, the stablecoin economy’s market valuation dropped from $155.23 billion to $153.34 billion on July 20, sliding roughly 1.21%. The top two stablecoins by valuation, tether and usd coin, have seen their market caps slide over the last 30 days, while BUSD and DAI have seen increases.
Stablecoin Markets Lose Close to $2 Billion, Stablecoin Token Dominance Equates to 14.16% of the Entire Crypto Economy
Statistics show that on June 23, 2022, the market capitalization of the entire stablecoin economy was roughly $155.23 billion. Since then, $1.89 billion has been erased, as the stablecoin economy on Wednesday, July 20, is approximately $153,349,982,002. Some of the 1.21% reduction stemmed from tether’s (USDT) and usd coin’s (USDC) 30-day reductions.
For instance, USDT’s market valuation dipped by 3.1% last month, and USDC’s slid by 2.4%. The Waves network-based neutrino usd’s (USDN) market cap decreased by 5.7% during the last 30 days. Tether (USDT) is still the largest stablecoin market valuation, but USDC is getting closer to the same capitalization. USDT’s market cap this week is $65.78 billion while USDC’s is 16.84% less at $54.70 billion.
On July 20, the entire stablecoin economy saw $84.99 billion in global trade volume while USDT’s captured $70.82 billion of that trade volume, and USDC saw $7.53 billion in global trade volume. Both tokens dominate the stablecoin trade volumes worldwide with 92.18% of the global trade volume during the past 24 hours.
Meanwhile, the Binance-backed stablecoin BUSD saw its market capitalization increase by 3.5% to $17.95 billion. BUSD has seen more 24-hour trade volume than USDC as $8.65 billion in BUSD trade volume was recorded. Makerdao’s DAI saw an 8.8% market cap increase during the past month. At the time of writing, DAI has around a $6.81 billion market capitalization and roughly $330 million in global trade volume.
The Inverse.finance stablecoin dola (DOLA) saw its valuation swell by 113.5% last month. The two Synthetix.io stablecoins susd (SUSD) and seur (SEUR) both saw double-digit increases during the last 30 days. SUSD’s valuation grew by 29.3% and the Synthetix.io euro token SEUR’s market capitalization jumped 23.5%.
Furthermore, Tron’s USDD has captured the ninth position in terms of stablecoins by market cap. Abracadabra’s stablecoin MIM was once a top ten contender but is now the 13th largest stablecoin by market valuation. While the size of the stablecoin and crypto economy, in general, has been reduced, stablecoins are very prevalent in the markets and industry today.
With USDT and USDC capturing 92.18% of the $84.99 billion in global trade volume, the aggregate global stablecoin trade volume represents 70.37% of the day’s $120.76 billion in trades. Additionally, USDT’s market dominance is 6.089% of the crypto economy’s net worth while USDC’s valuation equates to 5.09%. The entire stablecoin economy represents 14.16% of the $1,082,553,811,424 in value recorded on July 20.
What do you think about the stablecoin economy during the last 30 days? Let us know your thoughts about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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