Since the Terra stablecoin fiasco in May, the top stablecoin by market cap has fallen 10.66% from $171.37 billion to $153.09 billion today. Over the past two months, the top stablecoin by market cap has barely grown since mid-July, remaining at $153 billion.
For more than two months, the market value of stablecoins has stagnated with little growth
After climbing sharply since mid-2020, the stablecoin economy has slowed in growth over the past few months. In mid-April 2022, the stablecoin economy near The $200 billion range is reached for the first time in history, but after Terra’s stablecoin fiasco, more than $35 billion By May 13, 2022, disappear from the stablecoin economy. On May 12, 2022, the stablecoin economy was 10.66% larger than it is today $171.37 billion.
By July 7, the stablecoin economy dropped to $154 billion, according to statistics maintained by archive.org via coingecko.com. Growth in the stablecoin economy has been stagnant for the past 73 days. Tether (USDT)is the largest stablecoin by market cap, up slightly by 0.7% over the past month, while USD Coin (USDC) down 4.9%.Binance’s stablecoin USD/USD Up 11.1%, while DAI, FRAX and TUSD have fallen over the past 30 days.
The Pax dollar (USDP) is up 19.7% over the past month, but the neutrino dollar (USDN) is down 9.5%.Apart from USD/USD And USDP, celo U.S. dollar (CUSD) was one of the only stablecoin market valuations to grow, as CUSD increased by 7.1%. Over the past month, market valuations for most of the stablecoins in the stablecoin economy have declined. Also, of all stablecoins in existence today, both USDT and USDC are equivalent to 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 coin (USDC) accounts for 4.995%. Despite the stagnant growth of the stablecoin economy over the past 73 days, stablecoins still account for a significant portion of global cryptocurrency trading volume. Today, $37.68 billion of the overall global crypto trading volume of $50.55 billion is settled in stablecoin assets. Stablecoin trading volume is equivalent to 74% of global crypto trading volume on Sunday, September 18, 2022.
What do you think of the stagnant growth of the stablecoin economy over the past 73 days? Let us know what you think about this topic in the comments section below.
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