Skip to main content

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

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

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. Metrics show usd coin (USDC), issued by the Centre consortium, is the fourth largest cryptocurrency today by market capitalization and the second largest stablecoin by market valuation, under tether (USDT).

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.

BUSD Market Cap Swells by 3% in 30 Days, Binance Backed Stablecoin Captures Double the Trade Volume USDC Commands

The news follows Binance and Wazirx auto-converting USDC holdings held on the aforementioned exchanges into the stablecoin BUSD. The Binance-backed stablecoin BUSD has seen its market valuation grow by 3% during the last 30 days.

Out of the top ten dollar-backed stablecoin assets, BUSD, USDD, and GUSD were the only stablecoins that saw 30-day growth. USDD increased by 4.3% last month, while GUSD saw the largest increase out of the top ten after rising 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. While USDC has a market capitalization of around $44.93 billion, the Binance stablecoin BUSD has a valuation of around $21.29 billion.

BUSD’s market cap represents 47.38% of USDC’s size and BUSD’s 24-hour global trade volume is higher. Today, USDC has around $2.96 billion in swaps, while BUSD commands $6.02 billion in global trade volume in the last day.

What do you think about USDC’s market cap dropping close to $4 billion in less than 20 days? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/6pStTjW
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more