$3 Billion Erased From the Dollar-Pegged Token Economy, HUSD Depegs, USDC Supply Drops 10% – Altcoins Bitcoin News

The stablecoin market lost over three billion worth of value in the past thirty days. Despite the increase in tethers being circulated by 2.2%, this trend took place. On Oct. 1, 2022, tether’s market capitalization was approximately $67.95 billion, and it’s risen to $69.36 billion since then. Circle’s usd coin, on the other hand, had a valuation of around $47.20 billion 30 days ago and today, the market cap is $42.54 billion, after the stablecoin project’s number of tokens in circulation dropped by 10.3%.

Stablecoin Economy’s Supply Tightens

Statistics from Nov. 2nd 2022 show that the nominal U.S. Dollar value of the stablecoin currency has fallen to 3.32 Billion in just 30 days. Most of the action derived from the top two stablecoins (USDT & USDC), as usd coin’s (USDC) number of stablecoins in circulation slid 10.3% lower since last month. Archived records show, that while the stablecoin project’s supply lost 9.6% the month before, USDC’s market cap dropped from $47.20 billion to $42.54 billion through the month of October.

Stablecoin Blues: $3 Billion Erased From the Dollar-Pegged Token Economy, HUSD Depegs, USDC Supply Drops 10%
Archive.org has the stablecoin economy as of October 1, 2022.

Records published on Oct. 1, 2022, further show that the month prior, tether’s (USDT) number of coins in circulation was up roughly 0.6%. Throughout the month of October, USDT’s coins in circulation, according to coingecko.com statistics, indicate the supply has risen by 2.2% since then. At the time, 30 days ago, tether’s market capitalization was roughly $67.95 billion and on Nov. 2, 2022, USDT’s market cap is currently valued at $69.36 billion. However, USDC wasn’t the only stablecoin to experience supply declines over the past 30 days. There were many stablecoins that saw their supply drop as well.

Stablecoin Blues: $3 Billion Erased From the Dollar-Pegged Token Economy, HUSD Depegs, USDC Supply Drops 10%
Stablecoin economy November 2, 2022

Since last month, the Makerdao project has experienced a 10.7% drop in stablecoin DAI. The Frax (FRAX), saw a 11.1% decline and the pax dollar dropped by 2.2%. The number of trueusd (TUSD) declined by 7.4%, and Tron’s USDD stablecoin supply reduced by 7.2% during the last 30 days. While BUSD’s supply jumped 8.1% higher at the end of September, BUSD’s overall number of coins in circulation increased by 2.9% this past month.

BUSD’s market cap is now more than half of USDC’s valuation, as the number of BUSD coins in circulation represents 50.82% of the USDC supply. The recent HUSD depegging was another interesting event in the stablecoin currency.

Stablecoin Blues: $3 Billion Erased From the Dollar-Pegged Token Economy, HUSD Depegs, USDC Supply Drops 10%
A 14-day HUSD chart depicts the event of depegging within that time period. HUSD exchanges hands for $0.324 per Unit on Nov. 2, 2022.

Three days ago, Bitcoin.com News reported on HUSD sliding to record lows and now it’s trading well below that number today. HUSD trades for $0.324/unit on November 2, 2022. HUSD slid to an all-time low at $0.283, and it’s currently 14.4% higher than that all-time low, but the token’s current value is not even close to the $1 parity it once held on Oct. 1, 2022.

This story contains tags
Circle, DAI. FRAX. Circle. BUSD.

Let us know your thoughts on the stabilitycoin movement over the past thirty days. Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman, a Florida-based financial journalist and news lead at Bitcoin.com News is Jamie Redman. Redman is an active participant in the cryptocurrency community from 2011. Redman is passionate about Bitcoin and open-source codes. Redman is a prolific writer for Bitcoin.com News, with over 6,000 articles on disruptive protocols.

Image credit: Shutterstock, Pixabay, Wiki Commons, coingecko.com stablecoin page

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