Since the Terra stablecoin fiasco in May, the leading stablecoins by market cap are down 10.66% from $171.37 billion to $153.09 billion today. In the past two months, the leading stablecoins by market cap have only seen modest growth of $153 billion since mid-July.
For more than 2 months the stablecoin market caps have been stagnating and seeing little growth
After surging significantly since mid-2020, the stablecoin economy has slowed in recent months. Mid-April 2022 the stablecoin economy approached the $200 billion mark for the first time in history, but more than after Terra’s stablecoin fiasco $35 billion disappeared from the stablecoin economy by May 13, 2022. On May 12, 2022, the stablecoin economy was 10.66% larger than it is today $171.37 billion.
On July 7th, the stablecoin economy was rock bottom $154 billion, according to statistics stored by archive.org via coingecko.com. The stablecoin economy has been stagnant in terms of growth for the past 73 days. Tether (USDT)the largest stablecoin market cap, is up slightly by 0.7% over the past month, while USD coin (USDC) recorded a decrease of 4.9%. Binance stablecoin BUSD was up 11.1% while DAI, FRAX and TUSD declined over the past 30 days.
The Pax Dollar (USDP) is up 19.7% over the past month, but the Neutrino USD (USDN) is down 9.5%. Next to BUSD and USDP, Celo Dollar (CUSD) was one of the few stablecoin market ratings to surge as CUSD recorded a 7.1% gain. A lion’s share of stablecoins within the stablecoin economy have seen their market valuations fall over the past month. Furthermore, of all the stablecoins in existence today, both USDT and USDC account for 77.26% $153 billion stablecoin economy.
Of the $1 trillion net worth of the entire crypto economy, Tether (USDT) accounts for 6.761%, while USD coins (USDC) accounts for 4.995%. While the stablecoin economy has seen stagnant growth over the past 73 days, stablecoins still make up a large chunk of global crypto trading volume around the world. Today, $37.68 billion of the total global crypto trading volume of $50.55 billion is settled in stablecoin assets. Stablecoin trading volume represents 74% of global crypto trading volume on Sunday, September 18, 2022.
What are your thoughts on the stablecoin economy’s stagnant growth over the past 73 days? Let us know what you think about this topic in the comment section below.
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