Skip to main content

Stablecoin Supply Plummets After Depegging Event: $7.4B Dollar-Pegged Tokens Withdrawn From Circulation

Stablecoin Supply Plummets After Depegging Event: $7.4B Dollar-Pegged Tokens Withdrawn From Circulation

During the past 11 days, over 7 billion USDC stablecoins have been withdrawn from circulation, with most of the redemptions occurring following the depegging event of USDC on March 11, 2023. Furthermore, since March 6, a total of 439.48 million BUSD stablecoins have been redeemed.

Stablecoin Depegging Event Triggers Billions in Redemptions

The stablecoin landscape has undergone significant changes this month after a stablecoin depegging event took place on March 11. During this time, USDC dropped to a low of $0.877 per coin, and half a dozen other stablecoins also depegged from the U.S. dollar value on the same day. However, USDC and the other stablecoins have since been re-pegged, and Circle’s stablecoin is trading at $1 on various centralized trading platforms on Friday. On March 6, approximately 43.89 billion USDC were in circulation, and as of 11 days later, 7,089,389,744 USDC have been redeemed.

As of March 17, 2023, metrics show that over the past 30 days, the number of USDC in circulation has decreased by 10.2%. According to coingecko.com’s stablecoin market data, there are currently approximately 36.80 billion USDC stablecoins in circulation. During the depegging event, USDC had double the volume recorded today, which is $6,328,716,602 in global USDC trade volume over the past 24 hours. Over the past day, BUSD’s 24-hour trade volume surpassed USDC, which has the third-largest stablecoin trade volume.

On Friday afternoon (ET), data showed that BUSD had a 24-hour global trade volume of $8,289,546,285 across various exchanges. An archive.org snapshot from 11 days ago, on March 6, indicates that 439,484,014 BUSD had been redeemed. At that time, approximately 8,689,408,012 BUSD were in circulation, while today the number has dropped to 8,249,923,998. According to Nansen’s proof-of-reserve data, Binance holds 7.42 billion BUSD. Coingecko.com’s stablecoin market data shows that over the past 30 days, the number of BUSD in circulation has decreased by 46.3%.

While 7.528 billion USDC and BUSD have been removed from the stablecoin economy, tether (USDT), the largest stablecoin by market capitalization, has seen an 8.7% increase in the number of coins in circulation. Tether now has an overall market valuation of approximately $75.29 billion, with 75.17 billion USDT in circulation. Furthermore, on Friday, tether’s $80.38 billion in global trade volume outshined every other coin in the entire crypto economy in terms of 24-hour settled trades. BUSD and USDC hold the second and third-largest stablecoin volumes, respectively.

What do you think the future holds for stablecoins after the recent depegging event? Will they regain their stability, or will their value continue to fluctuate? Share your thoughts in the comments below.



from Bitcoin News https://ift.tt/yQXYux6
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more