Stablecoin Market Sees Fluctuations With Some Coins Gaining and Others Reducing Supply

According to statistics, on March 26, the stablecoin economy was valued at $135 billion, with the top stablecoins representing $31.8 billion or 75% of the $42.17 billion in 24-hour global trade volume across the entire crypto market. In the last two weeks since March 11, 7.06 billion $USDC and 351.57 million $BUSD have been redeemed. Meanwhile, from March 14 to March 26, the number of tether stablecoins in circulation increased by 6.12 billion.

Stablecoin Circulation Changes

In recent weeks, the supplies of some stablecoins have decreased while others have increased. Today’s top ten stablecoins include $USDT, $USDC, $BUSD, $DAI, $TUSD, $FRAX, USDP, USDD, $GUSD, and LUSD. According to statistics for the last month, $USDC, $BUSD, and $GUSD experienced double-digit reductions in supply. The other top ten stablecoin assets recorded supply increases, with $TUSD’s supply doubling or rising 112.3% higher than it was 30 days ago.

Top five stablecoins on March 26, 2023.

Among other stablecoin assets, liquity usd (LUSD) rose 16.2% and tether ($USDT) increased by 12.7% over the last month. LUSD now has a market valuation of around $267.70 million, $USDT’s market capitalization has risen to $79.70 billion, and $TUSD’s market valuation has grown to $2.05 billion. On the other hand, $USDC’s number of coins in circulation has dropped by 6.12 billion since March 11. Statistics for the last 30 days indicate that $USDC lost 19.5% of its supply compared to last month.

$BUSD and $GUSD experienced the largest reductions, with $GUSD losing 31.6% of its supply over the last 30 days. $BUSD has reduced its supply by 30.6% since last month, and its market valuation is just above $8 billion. According to Nansen’s proof-of-reserves tool, $7.3 billion $BUSD is held by Binance. The stablecoin $DAI issued by Makerdao has seen a 4.7% increase in circulation. Over the last month, $FRAX recorded a 1.9% increase, and USDP has risen 8.5%.