USDC’s Market Cap Sheds Close to $4 Billion in Less Than 20 Days, Binance’s BUSD Climbs 3% – Altcoins Bitcoin News

19 days ago, usd coin (USDC), the second largest stablecoin by market capitalization, had an overall valuation of around $48.82 billion and since then, it has continued to deflate down to today’s $44.93 billion. Statistics show that during the last three months, USDC’s market valuation has dropped by more than 19%, shedding approximately $10.59 billion.

USDC Sheds $3.89 Billion in 19 Days, $10.59 Billion in 3 Months

More than $10 billion worth of the stablecoin USDC has been erased from the project’s market capitalization since July 7, 2022. Bitcoin.com News reported on USDC’s market cap sliding much lower on September 28, 2022, or roughly 19 days ago. The Centre consortium’s usd coin, (USDC), is now the fourth most popular cryptocurrency in the world by market capitalization. Also, it’s the second-largest stablecoin under market valuation.

USDC’s market valuation actually rose after the Terra blockchain fiasco and UST depegging incident five months ago, while billions of tethers were removed from circulation at the time. After UST (now called Terrausdclassic USTC) imploded, usd coin’s (USDC) market cap increased by 9%, while tether’s (USDT) valuation dropped by more than $12 billion in two months’ time. In more recent times, USDT’s market cap is growing slowly as it increased by 0.6% during the last 30 days.

However, 30-day statistics show that USDC did the opposite as the stablecoin’s market capitalization shed 10.6%, according to coingecko.com’s top stablecoin stats. Since our last report on USDC’s market cap deflating, roughly 3.89 billion in USDC has been removed from circulation. Since the July 7 market cap of around $55.52 billion, USDC’s valuation has dropped by approximately $10.59 billion in roughly three months’ time.

Market Cap of USDC Increases by 3% over 30 Days. Binance Backed Stablecoin Captures a Double Trade Volume USDC

This news comes as a result of Binance’s and Wazirx’s auto-converting USDC held on these exchanges to the stablecoin BUSD. Binance has witnessed the stablecoin BUSD’s market valuation rise by 3% in the last 30 jours.

BUSD and USDD were the only stablecoins to see 30-day gains among top ten dollar-backed stabilitycoin assets. USDD grew by 4.3% while GUSD experienced the greatest increase among the top ten, after climbing 9.7% last month.

There’s still quite a long way to go until any other stablecoin comes close to USDC’s size but BUSD is close to halfway there today. USDC’s market capitalization is approximately $44.93 trillion, while BUSD’s valuation for Binance stablecoin BUSD stands at around $21.29 million.

BUSD’s market cap represents 47.38% of USDC’s size and BUSD’s 24-hour global trade volume is higher. USDC currently has swaps worth approximately $2.96 Billion, while BUSD is valued at $6.02 Billion in total global trade volume over the past day.

What do you think about USDC’s market cap dropping close to $4 billion in less than 20 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 joined the cryptocurrency community in 2011 and has been active since then. Since 2011, Redman has been an active member of the cryptocurrency community. Redman is a prolific writer for Bitcoin.com News, with over 6,000 articles on disruptive protocols.