CryptoNews

Tether Grows 2.3% as Stablecoin Economy Loses $2.4 Billion in Value Since March 31

While several top digital assets have decreased in value against the U.S. dollar over the past month, the stablecoin economy has lost $2.4 billion in value since March 31, 2023. Four of the top five stablecoins experienced net redemptions over the last 30 days, except for tether, which grew by 2.3% during that time.

Four of the Top Five Stablecoins Experience Net Redemptions in the Past 30 Days

On , the top stablecoins by market capitalization represented $133.63 billion in value, and now the valuation is down to . A total of $2.4 billion worth of stablecoins has been withdrawn from the stablecoin economy since then. Data reveals that over the past 30 days, USDC, BUSD, DAI, and TUSD have all seen redemptions. Usd coin’s (USDC) circulating supply dropped 10.2% compared to last month, and binance usd (BUSD) fell by 20.6%. Of the top five largest stablecoins, both USDC and BUSD experienced the most redemptions.

Tether Grows 2.3% as Stablecoin Economy Loses $2.4 Billion in Value Since March 31
The top five stablecoins by market valuation according to coingecko.com on April 25, 2023.

Further, DAI’s circulating supply slipped 9% lower in 30 days and TUSD’s supply decreased by 0.7%. Tether (), however, grew 2.3% since last month, reaching a market capitalization worth $81.39 billion. Tether’s market valuation accounts for 61.65% of the entire stablecoin economy’s $131.21 billion value. While tether’s supply grew by 2.3%, pax dollar (USDP) rose by 33.9% since last month.

USDP now has a market valuation of approximately $1,037,832,268. Both frax dollar and Tron’s USDD experienced losses during the past 30 days; frax dollar (FRAX) shed 3.8% while USDD lost 1% of its circulating supply. Gemini’s dollar-pegged token GUSD saw its supply increase by 18.1% to $465.22 million. Liquity usd (LUSD) recorded a 2.4% rise, and magic internet money (MIM) increased by 5.9% last month. The entire stablecoin economy represents 11.02% of the crypto economy’s $1.19 trillion net value.

What does the recent decline in the stablecoin economy mean to you? Share your thoughts about this subject in the comments section below.

Source: Bitcoin

Related posts
AI & RoboticsNews

Devin 2.0 is here: Cognition slashes price of AI software engineer to $20 per month from $500

AI & RoboticsNews

AI lie detector: How HallOumi’s open-source approach to hallucination could unlock enterprise AI adoption

AI & RoboticsNews

OpenAI just made ChatGPT Plus free for millions of college students — and it’s a brilliant competitive move against Anthropic

Cleantech & EV'sNews

Ride1Up launches new Vorsa electric bike as incredible bang-for-your-buck urban ride

Sign up for our Newsletter and
stay informed!