Stablecoin Economy Growth Stagnates for 73 Days, USDC Market Cap Slides 5% Lower – Altcoins Bitcoin News

Since the Terra stablecoin fiasco in May, the top stablecoins by market capitalization dropped 10.66% from ​​$171.37 billion to today’s $153.09 billion. Since mid-July, there has been little growth for the top stablecoins in market capitalization over the last two months.

Stablecoin Market Caps Stable for More Than Two Months Seeing Very Little Growth

After the substantial rise in the stability coin economy since mid 2020, growth has been slowing over the past few months. The stablecoin economy was at its lowest point in April 2022. Nearly the $200 billion range for the first time in history, but following Terra’s stablecoin fiasco, more than $35 billionBy May 13, 2022, the stablecoin economic system had disappeared. The stablecoin economy had a 10.66% higher current size on May 12, 2022 than today. $171.37 Billion.

On July 7, stablecoin prices had dropped to $154 billionAccording to archive.org stats via coingecko.com For the past 73 day, stablecoin’s economy has not seen any growth in its terms. Tether (USDT).The largest stablecoin market capital, amounted to 0.7%. USDC: usd coinThe decline was 4.9% Binance’s stablecoin USDThe DAI, FRAX and TUSD saw an 11.1% rise, while DAI, FRAX and TUSD decreased during the past 30 days.

The Pax Dollar (USDP), rose 19.7%, while the neutrino Usd (USDN), fell 9.5%. Other than that, USDUSDP and celo dollar (CUSD), were the only stablecoin markets that saw their valuations grow. CUSD witnessed a 7.1% growth. A lion’s share of stablecoins within the stablecoin economy saw their market valuations slide during the past month. Also, USDT/USDC are 77.26% of all stablecoins currently in existence. $153 Billion stablecoin economy.

Out of the entire crypto economy’s net value at $1 trillion, tether (USDT) represents 6.761%, while usd coin (USDC) equates to 4.995%. The stablecoin market has experienced stagnant growth in the last 73 day, but stablecoins continue to make up a significant portion of all global crypto trade volumes. Stablecoins account for approximately $37.68 trillion of the global total crypto trade volume, which amounts to $50.55 billion. Stablecoin volume is 74% of global crypto trade volume as at Sunday September 18, 2022.

What do you think about the stablecoin economy’s stagnant growth during the last 73 days? Comment below and let us know how you feel about the subject.

Jamie Redman

Jamie Redman is the News Lead for Bitcoin.com News. He also lives in Florida and works as a journalist covering financial technology. Redman joined the cryptocurrency community in 2011 and has been an active member ever since. Redman is passionate about Bitcoin and open-source codes. Redman has contributed more than 6000 articles to Bitcoin.com News since September 2015. These articles are about disruptive protocols that are emerging.