• The stablecoin economy has shed $3 billion in the last 44 days, with USDC and BUSD losing the most value.
• Stablecoin swaps make up nearly 80% of the global crypto trade volume.
• The top five stablecoins by market capitalization are currently Tether, USDC, PAX, BUSD, and Gemini Dollar.
The stablecoin economy has seen a significant drop in value over the last 44 days, shedding more than $3 billion in value. According to statistics, the total market capitalization of the entire stablecoin economy on Jan. 28, 2023 stood at $138.07 billion, down from $141.07 billion on Dec. 15, 2022. In terms of global crypto trade volume, stablecoin swaps made up nearly 80%, with $46.33 billion in stablecoin trades on Jan. 28, 2023, compared to $44.55 billion on Dec. 15, 2022.
The three biggest losers in the stablecoin market were USD Coin (USDC), Binance USD (BUSD), and Gemini Dollar (GUSD). USDC’s market capitalization slipped 2.9% in the past month, while BUSD lost 7.2% in the same period. BUSD is a Paxos-managed dollar-pegged token affiliated with Binance, which has seen a significant number of redemptions over the last few months. At the time of writing, BUSD’s overall U.S. dollar value market cap stands at $15.8 billion.
The top five stablecoins by market capitalization are currently Tether (USDT), USD Coin (USDC), Paxos Standard (PAX), Binance USD (BUSD), and Gemini Dollar (GUSD). USDT is the world’s largest stablecoin by market capitalization, currently valued at $63.3 billion, followed by USDC at $25.4 billion, PAX at $15.9 billion, BUSD at $15.8 billion, and GUSD at $12.7 billion.
The recent $3 billion drop in the stablecoin economy highlights the need to closely monitor the market, as the value of these digital assets can be volatile. As the number of stablecoins continues to grow, it is important to understand the different features of each token in order to make the most informed decisions.