Stablecoin Economy Continues Deflation — USDC’s Market Cap Drops $6.7 Billion in 83 Days – Altcoin Bitcoin News

Just over two months ago, or about 83 days ago, the market value of the stablecoin USDC (USDC) was about $55.52 billion, and since then, the market value of USDC has fallen by 12.05%. USDC, the second-largest stablecoin by market capitalization, has been above $50 billion for most of 2022, but this week the market cap of the crypto asset was around $48.82 billion.

USDC’s market cap drops 12% following Tether’s recent reduction in stablecoins

Mid-June, Bitcoin.com News report on the largest stablecoin asset Tether (USDT)as USDTOver $12 billion in market capitalization has evaporated in two months, and at the same time, USD Coin (USDC) The market value rose 9%.

However, USDC’s market cap has shrunk significantly over the past 83 days and has lost $6.7 billion since then July 7, 2022At the time of writing, USDC was valued at a market value of $48.82 billion on Wednesday at 4:15 p.m. ET, and on July 7 it was much higher at around $55.52 billion.

Stablecoin Economy Continues to Deflate - USDC's Market Cap Shrinks $6.7 Billion in 83 Days
USDC market cap chart for September 28, 2022.

USDC’s market cap today is below the $50 billion region, but the stablecoin’s market valuation will remain above that region for most of 2022. On February 1, 2022, USDC’s market cap hit the $50 billion mark and remained above that zone until April 17.

After May 13, USD/USD Market valuations are back above $50 billion again, and have remained that way for about 130 consecutive days. While USDC’s market valuation has shrunk by 12.05% over the past 83 days, the 6.6% loss of its market cap over the past 30 days has been wiped out.

USDC’s market cap decline follows the company’s recent partnership and Robin Hood Marketbut it also follows the recent automatic conversion action via Binance and Vazix. Both Binance and Wazirx automatically convert USDC (and other stablecoins) held by their customers to USD/USD If they do not withdraw USDC by a certain date.

Today, September 28, statistics show that, USD/USD The 24-hour global trade volume is about $4.31 billion. The market capitalization of stablecoins accounts for 4.985% of the cryptoeconomy’s $983 billion fiat value. USDC’s largest trading pair today is Tether (USDT), as it accounts for 32.25% of today’s dollar coin transactions.

Among the top pairs in USDC on Wednesday, Tether was followed by the EUR (27.16%), USD (22.56%) and GBP (6.51%). Stablecoins like Tether (USDT) and USD Coin (USDC) in EUR and lb trading pairs as these two fiat currencies start slid against the dollar.

tags in this story

$6.7 billion, Altcoins, Binance, circle, dollar backed, Fiat, legal tender, market value, Robin Hood, stablecoin, Stablecoin caps deflate, stablecoin economy, Stablecoin market cap, tether, dollar coins, USD/USD, USDT, Vazix

What do you think of USDC’s market capitalization falling over 12% in the past 83 days and 6.6% in the past 30 days? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is Head of News for Bitcoin.com News and a fintech reporter based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News on the disruptive protocols emerging today.




Image Source: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for reference only. It is not a direct offer or invitation to offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned herein.



Source link