2022 will be an interesting year for stablecoin assets did. The market cap of the entire stablecoin economy has lost just over $28 billion in value. Additionally, over $3 billion has been wiped out of the stablecoin economy over the past 23 days as BUSD fell about 23.3% last month.
More than $3 billion in value disappeared from the stablecoin economy in 23 days
Since then, $28.08 billion worth of US dollars has left the stablecoin economy. Stablecoin economy was valued at $167.08 billion on January 5, 2022, according to archived data, today it is valued at $139.06 billion, which is 16.77% lower than the first week of the year.
The stablecoin economy has not been this low in value sinceOctober 23, 2021 or about 14 months ago was. In January 2022, Tether (USDT) had a market cap of around $77.14 billion, now he is down to $66.25 billion.
USD Coin (USDC) was valued at $42.74 billion 14 months ago, USDC market cap this week is approximately $44.28 billion . On January 5, 2022, BUSD had a market cap of $14.28 billion and terrausd (UST) had a market valuation of around $10.19 billion.
On December 28, 2022, BUSD’s market cap rose to $17.16 billion, while UST’s valuation dropped to its current $215 million. UST was one of many stablecoins that were depegged from the US dollar this year.
This month alone, the stablecoin economy dropped from $142.07 billion to its current $138.99 billion, losing $3.08 billion in value. BUSD’s market cap on December 5, 2022 will be approximately $22.08 billion, more than 22% higher than its current value of $17.16 billion.
356 days ago on January 5, Makerdao’s DAI stablecoin had a market valuation of about $9.07 billion, 43.55% higher than DAI’s current value of $5.12 billion. Below the DAI stablecoin are the dollar-pegged tokens Flux, Pax Dollar, True USD, US Dollar, and Gemini Dollar.
Terrausd, Neutrino USD, HUSD, and FLEXUSD plus
many positions de-pegged from $1 parity stablecoins offer magic internet money , including dollar-pegged coins such as Liquity USD, Faye USD, and Neutrino USD. The once stable Neutrino US Dollar (USDN) is currently trading at $0.448 per unit after being depegged from $1 parity on November 7, 2022.
Losing the peg was HUSD, which was de-pegged from the $1 parity on October 27, 2022. Currently, 1 of his HUSD tokens are trading at $0.14 per unit on Dec 28th.
{59 Additionally, the once-stable Coin Flex USD (FLEXUSD) also lost its dollar peg this year. FLEXUSD is currently trading at $0.25 per unit as it was de-pegged from parity of $1 on June 20, 2022. This represents 56.61% of all transactions. 23 days later, global trading volume has dropped significantly to $37 billion, while stablecoins accounted for $29.92 billion, or about 80.86% of all transactions recorded on December 28, 2022 .
Think about the $28 billion worth of stablecoins that have lost value this year and the handful of dollar-pegged tokens that have de-pegged from $1 parity this year? Let us know what you think about this subject in the comments section.
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