Stablecoin Economy Continues to Shrink — USDC Market Cap Drops $6.7 Billion in 83 Days – Altcoins Bitcoin News
About two months ago or about 83 days ago, the stablecoin US Dollar Coin (USDC) had a market valuation of about $55.52 billion, but since then, USDC’s market cap has decreased by 12.05%. The second-largest stablecoin by market cap, USDC has been above $50 billion for most of 2022, while the cryptocurrency’s market valuation is around $48.82 billion this week.
USDC Market Cap Drops 12% Following Tether’s Recent Stablecoin Cuts
In mid-June, Bitcoin.com News reported on the largest stablecoin asset, Tether (USDT). USDT erased over $12 billion from his market cap in two months, while US Dollar Coin (USDC) lost 9% of its market cap.
However, USDC’s market capitalization has shrunk significantly over the past 83 days as it has fallen by $6.7 billion since July 7, 2022. As of this writing, at 4:15 p.m. ET on Wednesday, the USDC market valuation was at $48.82 billion, rising higher on July 7 to about $55.52 billion. million dollars.
Today USDC has a market cap of less than $50 billion, but the stablecoin’s market valuation remained above that realm for most of 2022. On February 1, 2022, USDC will hit $50 billion in market cap. It hit the dollar mark and outperformed the region until April 17th.
After May 13th, USDC once again returned the market valuation to the $50 billion level and remained there for about 130 consecutive days. Over the past 83 days USDC’s market valuation has shrunk by 12.05%, while a 6.6% loss has been eliminated from the market cap over the past 30 days.
USDC’s decline in market cap follows the company’s recent partnership with Robinhood Markets, but also follows recent auto-conversion moves by Binance and Wazirx. Both Binance and Wazirx auto-converted a customer’s USDC holdings (and other stablecoins) to her BUSD if she did not withdraw her USDC by a certain date.
Today, September 28th, USDC’s 24-hour global trading volume is about $4.31 billion. Stablecoin market cap dominance accounts for 4.985% of the $983 billion in fiat currency in the crypto economy. USDC’s top trading pair today is Tether (USDT), accounting for 32.25% of USD coin trading today.
Tether is followed by EUR (27.16%), USD (22.56%) and GBP (6.51%) in USDC’s top pairs on Wednesday. Stablecoins such as Tether (USDT) and US Dollar Coin (USDC) have seen significant gains in the euro-pound trading pair since both fiat currencies started to fall against the dollar.
What do you think about USDC’s market valuation dropping over 12% in the last 83 days and 6.6% in the last 30 days? Let us know what you think about this in the comments section below.
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Stablecoin Economy Continues to Shrink — USDC Market Cap Drops $6.7 Billion in 83 Days – Altcoins Bitcoin News
Source link Stablecoin Economy Continues to Shrink — USDC Market Cap Drops $6.7 Billion in 83 Days – Altcoins Bitcoin News
