As the cryptocurrency market continues to fluctuate, so does the overall market capitalization of stablecoins dropped by 0.25% over the past 24 hours with an average price change of 0.71%.
The downward move comes after the largest stablecoin by market cap, USDT, showed signs of decoupling. USDT price fell by 0.23% over the past 24 hours and dropped to a local low of $0.997 after the asset lost nearly $270 million in its market value.
However, data from Binance shows that USDT has returned to the $1 mark, while Trading View data suggests otherwise – offering a price of $0.9974 at the time of writing.
On the other hand, the market capitalization of USDC has increased by more than $40 million since USDT lost its peg to the US dollar. USDC’s 24-hour trading volume is up 60% over the past day.
DAI and BUSD also saw significant declines, around $80 million and $90 million, respectively. Data provided by crypto.news shows that DAI’s trading volume has increased by 255% over the past 24 hours.
Moreover, USDT depeg comes with the annual percentage rate of supply (APR) on the Aave protocol surging to nearly 15% from 2.75% in less than 24 hours. According to data provided by the lending platform, variable and stable annual percentage borrowing (APY) returns have skyrocketed.
