Over the past month, the market valuation of the stablecoin economy has fallen from $155.23 billion to $153.34 billion on July 20, slipping about 1.21%. The two main stablecoins by valuation, tether and usd coin, have seen their market capitalization decline over the past 30 days, while BUSD and DAI have seen increases.
Stablecoin Markets Lose Nearly $2 Billion, Stablecoin Token Dominance Equivalent to 14.16% of Entire Crypto Economy
Statistics show that on June 23, 2022, the market capitalization of the entire stablecoin economy was approximately $155.23 billion. Since then, $1.89 billion has been wiped out, as the Wednesday, July 20 stablecoin economy is around $153,349,982,002. Part of the 1.21% reduction stems from the attachment (USDT) and the 30-day discounts on USD coins (USDC).
For instance, USDTThe market valuation of fell 3.1% last month and that of USDC fell 2.4%. The market capitalization of the Waves neutrino usd (USDN) network has decreased by 5.7% in the last 30 days. Attached (USDT) is still the largest stablecoin market valuation, but USDC is approaching the same capitalization. USDTThis week’s market cap is $65.78 billion while USDC’s is 16.84% lower at $54.70 billion.
On July 20, the entire stablecoin economy recorded a global trade volume of $84.99 billion, while USDT‘s captured $70.82 billion of that trade volume, and USDC recorded $7.53 billion in global trade volume. The two tokens dominate stablecoin trading volumes globally with 92.18% of global trading volume in the last 24 hours.
Meanwhile, the Binance-backed stablecoin BUSD saw its market capitalization increase by 3.5% to $17.95 billion. BUSD saw more 24-hour trading volume than USDC, with $8.65 billion in trade volume recorded in BUSD. Makerdao’s DAI saw its market capitalization increase by 8.8% over the past month. At the time of writing, DAI has a market capitalization of approximately $6.81 billion and approximately $330 million in global trade volume.
The stablecoin dola Inverse.finance (DOLA) saw its valuation inflate by 113.5% last month. The two stablecoins Synthetix.io susd (SUSD) and seur (SEUR) both recorded double-digit increases in the last 30 days. The valuation of the SUSD increased by 29.3% and the market capitalization of the euro token Synthetix.io SEUR jumped by 23.5%.
Additionally, Tron’s USDD captured the ninth position in terms of stablecoins by market capitalization. Abracadabra’s MIM stablecoin was once a top ten competitor, but is now the 13th largest stablecoin by market valuation. While the size of the stablecoin economy and crypto, in general, has shrunk, stablecoins are widespread in markets and industry today.
With USDT and with USDC capturing 92.18% of the $84.99 billion in global trade volume, the overall global stablecoin trade volume represents 70.37% of the $120.76 billion in trade on the day . In addition, USDTThe market dominance is 6.089% of the net worth of the crypto-economy, while the USDC valuation is equivalent to 5.09%. The entire stablecoin economy represents 14.16% of the $1,082,553,811,424 value recorded on July 20.
What are your thoughts on the stablecoin economy over the past 30 days? Let us know your thoughts on this in the comments section below.
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