While several major digital assets have depreciated against the US dollar over the past month, the stablecoin economy has lost $2.4 billion in value since March 31, 2023. Four of the top five stablecoins have seen net recoveries over the past 30 days, with the exception of Tether, which grew by 2.3% during that period.
Four of the top five stablecoins have experienced net recovery in the last 30 days
on March 31, 2023the top stablecoin by market cap was $133.63 billion, and now the valuation has dropped to $131.21 billion. A total of $2.4 billion in stablecoins have been withdrawn from the stablecoin economy since then. The data reveals that over the past 30 days, USDC, BUSD, DAI, and TUSD have all seen recoveries. The circulating supply of USDC is down 10.2% month over month, and Binance USD (BUSD) is down 20.6%. Among the top five stablecoins, USDC and BUSD have seen the most recoveries.
Moreover, the circulating supply of DAI decreased by 9% in 30 days and the supply of TUSD decreased by 0.7%. pregnancy (USDT), however, it has grown 2.3% since last month, reaching a market capitalization of $81.39 billion. Tether’s market valuation represents 61.65% of the entire stablecoin economy’s value of $131.21 billion. While the supply of rope grew by 2.3%, the dollar pax (USDP) rose by 33.9% since last month.
USDP now has a market valuation of around $1,037,832,268. Both the franc and the US dollar have suffered losses over the past 30 days; Franc dollar (FRAX) fell 3.8% while USDD lost 1% of the circulating supply. The Gemini dollar-pegged token, GUSD, saw its supply increase by 18.1% to $465.22 million. Liquity usd (LUSD) is up 2.4%, and magic internet money (MIM) is up 5.9% last month. The entire stablecoin economy accounts for 11.02% of the $1.19 trillion net worth of the cryptocurrency economy.
What does the recent downturn in the stablecoin economy mean to you? Share your thoughts on this topic in the comments section below.
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