Stablecoin economy lost $28 billion in 2022 after a handful of tokens lost their $1 peg

2022 was an interesting year for stablecoin assets, as the market capitalization of the entire stablecoin economy lost just over $28 billion in value. In addition, over $3 billion has been wiped from the stablecoin economy in the last 23 days, with BUSD losing about 23.3% in the last month.

Over $3 billion in value erased from stablecoin economy in 23 days

The stablecoin market valuation has continued to decline and since January 2022, US$28.08 billion has left the stablecoin economy. Archived data indicates that the stablecoin economy was valued at 167.08 billion on January 5, 2022, and today it is valued at 139.06 billion dollars or 16.77% less than the first week of the year.

The Stablecoin economy lost $28 billion in 2022 after a handful of tokens lost their $1 token.

The stablecoin economy hasn’t been this low in U.S. dollar value since October 23, 2021, about 14 months ago. In January 2022, stablecoin (USDT) had a market capitalization of about $77.14 billion, and today it has fallen to $66.25 billion.

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The Stablecoin economy lost $28 billion in 2022 after a handful of tokens lost their $1 value.

Usd coin (USDC) valuation 14 months ago was $42.74 billion and this week USDC market cap is about $44.28 billion. BUSD’s market capitalization was $14.28 billion on January 5, 2022 and terrausd’s (UST) market capitalization was about $10.19 billion.

On December 28, 2022, BUSD’s market capitalization is higher, at $17.16 billion, but UST’s valuation has been reduced to its current level of $10.19 billion. 215 million. UST is one of several stable currencies that have broken away from the U.S. dollar this year.

This month alone, the stable currency economy has lost $3.08 billion in value, from 142.07 billion from the current $138.99 billion. On December 5, 2022, BUSD had a market capitalization of approximately $22.08 billion, more than 22% higher than the current $17.16 billion.

356 days ago, on January 5, Makerdao’s DAI stablecoin had a market valuation of about $9.07 billion, 43.55% higher than DAI’s current value of $5.12 billion. Underneath the DAI stablecoin are tokens denominated in frax dollar, pax dollar, true usd, usdd and gemini dollar.

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In addition to the Terrausd, the Neutrino USD, HUSD and FLEXUSD have lost their parity with the dollar.

Stable coins that have been depreciated by a number of positions include dollar parity coins like magic internet money, liquity usd, fei usd and neutrino usd. The once-stable neutrino usd (USDN) coin is currently trading at $0.448 per unit after leaving $1 parity on November 7, 2022.

The Stablecoin economy lost $28 billion in 2022 after a handful of tokens lost their $1 value.

Another former stablecoin that also lost its parity is the HUSD, which left the $1 parity on October 27, 2022. A single HUSD token is currently trading for $0.14 per unit on December 28.

The Stablecoin economy lost $28 billion in 2022 after a handful of tokens lost their $1 value.

In addition, the once-stable coin flex usd (FLEXUSD) has also lost its dollar peg this year. FLEXUSD now trades at $0.25 per unit as it lost its parity with the dollar on June 20, 2022.

On December 5, 2022, stablecoins accounted for $60.74 billion of the $107.29 billion in 24-hour trading volume recorded that day, equivalent to 56.61% of all trading. 23 days later, overall trade volume was much lower at $37 billion, while stablecoins accounted for $29.92 billion, or about 80.86% of the trade recorded on December 28, 2022.

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