According to statistics, on March 26, the stablecoin economy was valued at $135 billion, with the top stablecoins accounting for 75% of the $42.17 billion 24-hour global trading volume of the entire crypto market, or $31.8 billion USD 7.06 billion and BUSD 351.57 million were redeemed in the two-week period beginning March 11. Meanwhile, from March 14 to March 26, the number of Tether stablecoins in circulation increased by 6.12 billion.
Changes in Stablecoin Circulation
In recent weeks, the supply of some stablecoins has decreased and the supply of other stablecoins has increased. Today’s top 10 stablecoins areUSDT, USDC, BUSD, DAI, TUSD, FRAX, USDP, USDD, GUSD, and LUSD. Last monthstatisticsshow that USDC, BUSD, and GUSD recorded double digit supply declines. The other top 10 stablecoin assets recorded increases in supply, with TUSD’s supply doubling or increasing 112.3% compared to 30 days ago.
Among other stablecoin assets, Liquid Used (LUSD) rose 16.2% and Tether (USDT) gained 12.7% last month.LUSD is currently market valuation of about $267.7 million,with USDT‘s market cap rising to $79.7 billion and TUSD’s market cap rising to $2.05 billion. Meanwhile, the number of coins in circulation in USDC has declined by 6.12 billion since March 11. According to statistics from the past 30 days, USDC has lost 19.5% of its supply compared to last month.
BUSD and GUSD experienced the largest declines, with GUSD losing 31.6% of supply over the past 30 days; BUSD has lost 30.6% of supply since last month and its market valuation is only slightly above $8 billion; Nansen’s proof-of-reserves tool shows that $7.3 billion of BUSD is held by Binance; the stablecoin DAI, issued by Makerdao, saw a 4.7% increase in circulating volume. Over the past month, FRAX recorded a 1.9% increase and USDP rose 8.5%.
What is your outlook for stablecoins and their role in the crypto market? Do you see continued growth and adoption, or will you face new challenges and obstacles? Share your thoughts in the comments section below.
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