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 រាយការណ៍ 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 សម្ព័ន្ធមជ្ឈមណ្ឌល, 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, កាក់ usd (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.
សេវាឥណទានរូបភាព: Shutterstock, Pixabay, វិគីភីឌា
ការមិនទទួលខុសត្រូវ៖ អត្ថបទនេះគឺសម្រាប់គោលបំណងព័ត៌មានប៉ុណ្ណោះ។ វាមិនមែនជាការផ្តល់ជូនដោយផ្ទាល់ឬការស្នើសុំពីការទិញឬលក់ឬការផ្តល់អនុសាសន៍ឬការយល់ព្រមលើផលិតផលសេវាកម្មឬក្រុមហ៊ុនណាមួយឡើយ។ Bitcoin.com មិនផ្តល់ដំបូន្មានការវិនិយោគពន្ធច្បាប់ឬគណនេយ្យ។ ទាំងក្រុមហ៊ុនឬអ្នកនិពន្ធមិនទទួលខុសត្រូវដោយផ្ទាល់ឬដោយប្រយោលចំពោះការខូចខាតឬការបាត់បង់ណាមួយដែលបណ្តាលមកពីការចោទប្រកាន់ឬបណ្តាលមកពីការប្រើប្រាស់ឬពឹងផ្អែកលើការប្រើប្រាស់ទំនិញឬសេវាកម្មណាមួយដែលបានលើកឡើងនៅក្នុងអត្ថបទនេះ។
Source: https://news.bitcoin.com/usdcs-market-cap-sheds-close-to-4-billion-in-less-than-20-days-binances-busd-climbs-3/