On Monday, the crypto economy experienced significant market activity with $183.85 billion in 24-hour global trading volume, the majority of which involved stable coins. USDC was traded for about the same amount as the U.S. dollar, and several stablecoins, including Tether and BUSD, sold at a premium. Tether hit a high of $1.04 per unit, while On Monday, the crypto economy experienced significant market activity with $183.85 billion in 24-hour global trading volume, the majority of which involved stable coins. USDC was traded for about the same amount as the U.S. dollar, and several stablecoins, including Tether and BUSD, sold at a premium. Tether hit a high of $1.04 per unit, while BUSD rose to $1.03 per coin in the morning trading session (ET).BUSD rose to $1.03 per coin in the morning trading session (ET).
A handful of stableA handful of stabled coin assets traded at a premium as USDC closed a $1 parity gapd coin assets traded at a premium as USDC closed a $1 parity gap
On Monday, stablecoins experienced significant trading volume as the USDC had difficulty maintaining its peg to the USD over the weekend. This caused five other stablecoins to de-peg just below the $1 value. Today, USDC has nearly closed the gap and is trading at $0On Monday, stablecoins experienced significant trading volume as the USDC had difficulty maintaining its peg to the USD over the weekend. This caused five other stablecoins to de-peg just below the $1 value. Today, USDC has nearly closed the gap and is trading at $0.99 per coin, but traders who want to exchange USDC for Tether (.99 per coin, but traders who want to exchange USDC for Tether (USDTUSDT), Bina), Binance USD (BUSD), or other stablecoins will have to pay a premium.nce USD (BUSD), or other stablecoins will have to pay a premium.
Tether (Tether (USDTUSDT) is currently trading 2 cents above the USD, with ) is currently trading 2 cents above the USD, with an early morning trading price of $1.04 per coin. Some tethers (an early morning trading price of $1.04 per coin. Some tethers (USDTUSDT) surged as high as $1.076 per) surged as high as $1.076 per. USDT. USDTon Monday; BUSD saw a similar premium at $1.03 per unit, and other stablecoins such as TUSD and DAI also saw prices rise based on the exon Monday; BUSD saw a similar premium at $1.03 per unit, and other stablecoins such as TUSD and DAI also saw prices rise based on the exchanges traders use: at $1.02 per unit, they were $72.55 billionchanges traders use: at $1.02 per unit, they were $72.55 billionUSDTUSDTin circulation by anin circulation by an additional two cents, bringing the market capitalization of the additional two cents, bringing the market capitalization of theUSDTUSDTto $74.23 billion at the time of writing.to $74.23 billion at the time of writing.
Of the $183.85 billion in global trade,Of the $183.85 billion in global trade,the USDTthe USDTaccounted accounted for $94.27 billion (51.27%) of the total volume traded; the USDCfor $94.27 billion (51.27%) of the total volume traded; the USDCaccounted for $10.79 billion in global volume, 5.87% of the $183 billion in volume traded over the past 24 hours. The followingaccounted for $10.79 billion in global volume, 5.87% of the $183 billion in volume traded over the past 24 hours. The following table shows the total volume of transactions in USDC. Bitcoin ( table shows the total volume of transactions in USDC. Bitcoin (BTCBTC) and Ethereum () and Ethereum (ETHETH) also capt) also captured a significant amount of the day’s trading volume. Bitcoin (ured a significant amount of the day’s trading volume. Bitcoin (BTCBTC) rose 16.6% against the U.S. dollar on Mo) rose 16.6% against the U.S. dollarnday, generating $70.22 billion in swaps, while Ethereum ( on Monday, generating $70.22 billion in swaps, while Ethereum (ETHETH) rose 12.9% to $68.13 billion in global trading volume.) rose 12.9% to $68.13 billion in global trading volume.
With a small premium and USDC back to $1 parity, the market cap of the stablecoin economy now stands at $136.25 billion. While the stablecoin premium and this weekend’s depegging event may not be beneficial to some traders, the discrepancy is highly profitable for stablecoin arbitrage. Additionally, Curve, a decentralized exchange (dex) specializing in stablecoin trading, recorded $1.02 billion in tradiWith a small premium and USDC back to $1 parity, the market cap of the stablecoin economy now stands at $136.25 billion. While the stablecoin premium and this weekend’s depegging event may not be beneficial to some traders, the discrepancy is highly profitable for stablecoin arbitrage. Additionally, Curve, a decentralized exchange (dex) specializing in stablecoin trading, recorded $1.02 billion in trading volume on Monday, making it the second largest dex by volume.ng volume on Monday, making it the second largest dex by volume.
What are your thoughts on the current stWhat are your thoughts on the current st
