Over the past two months, the stablecoin tether was one of the most traded crypto assets swapped against countless digital currencies. 66 days ago, on April 11, 2022, the market valuation of the tether was 82 billion dollars, with 82,694,361,442 tethers in circulation. Since then, more than 12 billion tethers have been removed from circulation amid the collapse of the Terra blockchain, the recent crypto market upheaval, and rumors circulating around Celsius and Three Arrows Capital (3AC).
Since April 11, more than 12 billion tethers have left the crypto economy
According to market data, the number of tethers (USDT) in circulation has dropped from over 82 billion to 70 billion today.Bitcoin.com News reported on April 11 that as the stablecoin economy approaches $200 billion, all fiat-pegged tokens in existence coin market valuation is ballooning, it reported.
There were approximately 82,694,361,442 tethers in circulation that day, after the dollar-pegged crypto showed a 3% growth in the previous month. Since then, 15.30% has been removed from circulation as the June 16, 2022 circulating supply is70,038,816,028 USDT, according to coingecko.com indicators.
People are noticingthat crypto supporters are discussingthis topic on social mediaand that the number of Tethers in circulation is declining. Much of theUSDTin circulation has been removedsince the Terrauded (UST) de-pegging incident, and will beas it was: 82.79 billion tethersin circulation on May 12, 2022.
Two days later, on May 14, the number of tethers in circulation decreased by 7.25% to76.7 billion USDT. 76.7 billion USDT, according to coingecko.com statistics stored on archive.org,down to anotherduring a 33-day period; since May 14, 8.73%have been removed from circulation.
USDC market capitalization has increased in the past two months, with Tether accounting for the lion’s share of global trading volume
Meanwhile, Tether’s competitor, USD Coin (USDC), has grown over the past two months: on April 16, 2022, USDC’s total volume in circulation was approximately50,090,822. according to coingecko.com metrics recorded at archive.org, 252tokens. Since then, the number of USDCs has increased to54,582,713,063, 8.96% larger than in the past two months.
The number of USDCs slid toduring the Terrauded (UST) debacle, down to 49,122,170,211on May 12. USDC circulation then increased from the 49,120,000,000 level to53,804,005,416 on June 10USDCs then saw a slight increase in issuance. The Circle also announced the start of
Data recorded on June 16 showed thatUSDTaccounted for $51.41 billion of Thursday’s $96.31 billion trading volume, accounting for the bulk of global cryptocurrency trading volume. That means 53.37% of Thursday’s total crypto trading volume was paired withUSDT.
The volume of USDC traded on June 16 pales in comparison to the $5.93 billion or 6.15% of global crypto trading volume this stablecoin recorded over the past 24 hours. according to cryptocomparedatarecorded on June 16. USDTtrades accounted for 56% of bitcoin (BTC) volume, while USDC accounted for 2.77% of all trades Thursday BTC
Image credits: Shutterstock, Pixabay, Wiki Commons