The stablecoin realm is constantly evolving, with the number of stablecoins BUSD in circulation falling below the 10 billion mark to approximately 9.68 billion on March 3, 2023. Over the past 30 days, the BUSD token supply has declined by 40%. In contrast, the volume of tethers in circulation has increased by 4.7% to 71.11 billion in the last month.
BUSD is below $10 billion and tether supply is up 4.7% to over $71 billion
In a stablecoin economy, changes in currency supply are the key driver of change: as of Friday, March 3, 2023, the stablecoin economy is valued at$136 billionand stablecoins have accounted for $47 billion of global trading volume in the past 24 hours. the supply of BUSD has declined significantly and now stands at. 96.8 billion. This represents about 0.901% of the total net asset value of the entire crypto economy. Meanwhile, the top two stablecoins by market capitalization,USDTand USDC, have seen an increase in coin circulation over the past 30 days, while the supply of BUSD continues to plummet.
This month, the supply of Tether (USDT) increased by 4.7%, surpassing 71 billion coins; USD coins (USDC) also increased by 1.7%, with 43.16 billion coins in circulation. However, the supply of the other three top stablecoins – DAI, Pax Dollar (USDP), and Gemini Dollar (GUSD) – is down; DAI supply fell 2.1% this month, while USDP fell 20.2%. Similarly, the supply of GUSD has also declined by 2% over the past 30 days. Meanwhile, the supply of trueusd (TUSD) has increased 22.5% over the last month to 1.16 billion coins.
USDD and FRAX also increased, with USDD up a slight 0.2% from the previous month and FRAX up 1.1% from the previous month. Together, the nine aforementioned stablecoin assets accounted for 70.22% of the 24-hour trading volume; prior to the Terra stablecoin de-pegging event, the stablecoin market had shown more predictable and steady growth. However, the recent decline demonstrates the unpredictable nature of the current stablecoin market.
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