USDC market loses nearly $4 billion in less than 20 days, Binance’s BUSD climbs 3 percent

Nineteen days ago, usd coin (USDC), the second largest stablecoin by market capitalization, had a global valuation of about $48.82 billion and since then it has continued to deflate until today $44.93 billion. Statistics show that over the past three months, the USDC market valuation has dropped by more than 19%, losing about $10.59 billion.

USDC loses $3.89 billion in 19 days, $10.59 billion in 3 months

More than $10 billion of the stablecoin USDC has been wiped off the project’s market capitalization since July 7, 2022. Bitcoin.com News reported that USDC’s market cap slipped much lower on September 28, 2022, about 19 days ago. Metrics show that the usd coin (USDC), issued by the Center Consortium is now the fourth largest crypto currency in terms of market capitalization and the second largest stablecoin in terms of market valuation, below tether (USDT).

USDC’s market valuation actually rose after the Terra blockchain fiasco and the UST skinning incident five months ago, when billions of tethers were taken out of circulation at that time. After the implosion of UST (now called Terrausdclassic USTC), the USDC gained over 9%, while tether (USDT) fell by over $12 billion in the space of two months. More recently, USDT’s market capitalization is slowly increasing, by 0.6% over the last 30 days.

However, 30-day statistics show that USDC has done the opposite, with the stablecoin’s market cap falling 10.6%, according to coingecko.com statistics. stablecoin statistics. Since our last report on the deflation of the USDC’s market capitalization, approximately 3.89 billion USDCs have been taken out of circulation. Since July 7, when the market cap was about $55.52 billion, USDC’s valuation has dropped by about $10.59 billion in about three months.

BUSD’s market capitalization increases by 3% in 30 days, Binance-backed Stablecoin records twice the trading volume of USDC.

The news follows Binance and Wazirx’s self-conversion of USDC holdings on the aforementioned exchanges to the BUSD stablecoin. The BUSD stablecoin, backed by Binance, has seen its market value increase by 3% over the past 30 days.

Of the top ten dollar-backed stablecoin assets, BUSD, USDD, and GUSD were the only stablecoins that saw 30-day growth. The USDD rose 4.3% last month, while the GUSD had the largest increase among the top ten, rising 9.7% last month.

There is still a long way to go before another stablecoin approaches the size of the USDC, but BUSD is close to halfway there today. While the USDC has a market capitalization of about $44.93 billion, Binance’s BUSD stablecoin has a valuation of about $21.29 billion.

BUSD’s market capitalization is 47.38% of USDC’s size, and BUSD’s 24-hour global trading volume is higher. Today, USDC has about $2.96 billion in swaps, while BUSD has a global trading volume of $6.02 billion in the last day.