Home Finance Stablecoin’s economy continues to shrink, losing nearly 5% in 2 months

Stablecoin’s economy continues to shrink, losing nearly 5% in 2 months

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Statistics show that Tether, the largest stablecoin by market valuation, has seen its market capitalization lose more than 5% in the last 30 days. Tether’s market capitalization has fallen from $69.13 billion last month to $65.48 billion today.

Stablecoin economy falls, Tether’s market cap loses 5%.

Statistics show that the market valuation of the stablecoin economy has decreased over the past 30 days by about 2.02%. On October 31, 2022, the stablecoin economy was valued at $147.03 billion and today it has fallen to $144.05 billion.

In addition, the market capitalization of all existing stablecoins is much lower than it was two months ago, as the market capitalization has fallen by 4.83% from $151.37 billion to $144 billion today. Data shows that last month, tether (USDT) saw its market capitalization drop by more than 5%, from $69.13 billion to $65.48 billion currently.

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The Stablecoin economy continues to shrink, losing nearly 5% in two months.

However, the second largest stablecoin in terms of market capitalization, usd coin (USDC), has seen its market valuation increase over the past 30 days, jumping about 1.5%. The valuation of the BUSD stablecoin continues to grow month after month, and in the last 30 days it has increased by 4.8%. Of the top five stablecoins today, BUSD’s market capitalization has increased the most in the last month.

The stablecoin economy continues to contract, losing nearly 5% in two months.

Makerdao’s DAI stablecoin has lost 9.7 percent over the past month, and the stablecoin’s market capitalization was the biggest loser among the top 10 dollar-denominated crypto tokens. On Oct. 31, DAI’s market cap was about $5.77 billion and today it is holding steady at $5.20 billion. Both tether and DAI led last month’s losses among the top ten stablecoins, followed by frax (FRAX), which lost about 3.1% last month.

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The volume of stablecoin trading has dropped significantly over the past two months, but tokens still account for the majority of current trading. For example, on September 27, 2022, stablecoins captured $205 billion of the $225 billion in global trade. On Oct. 31, stablecoins captured $55.91 billion of the $71 billion in total global crypto-currency trading volume.

In the last 24 hours, stablecoins have captured $37.73 billion and the overall trading volume among all existing crypto-currencies today is about $46.56 billion. This means that out of the $46 billion in transactions among all crypto assets, stablecoins account for 81.04% of these transactions.