news.bitcoin.com
The top stablecoins have continued to see redemptions over the past 30 days as the dollar-pegged crypto economy currently hovers at $127.32 billion on July 12. The stablecoin $BUSD’s supply has dropped below the 4 billion mark as the token’s number of coins in circulation has fallen 16.7% over the last month.
Dollar-Pegged Cryptos Feel the Pinch as Supplies Shrink Steadily
During the past ten days, the stablecoin economy shrank by $890 million after dropping from $128.21 billion to today’s $127.32 billion. Statistics show that the net value of the top dollar-pegged market capitalizations shrunk a great deal since the start of 2023.
On March 26, 2023, the stablecoin economy was worth $135.08 billion, which means $7.76 billion has been removed from the dollar-pegged token economy over the past 108 days.
30-day statistics paint a similar story as four out of the top five stablecoins saw redemptions shrink their supplies. Tether (USDT) saw a slight drop of 0.3%, while usd coin’s (USDC) supply was reduced by 3.9%.
Makerdao’s DAI saw a 5.6% reduction last month and $BUSD’s supply dropped by 16.7%. Trueusd’s ($TUSD) supply is still up 41.7% for the month but it has dropped under the 3 billion range to 2.88 billion tokens. Over the past 24 hours, the stablecoin economy recorded $26.42 billion in global trade volume.
With $BUSD’s supply dropping 16.7%, the supply is now under the 4 billion range with an approximate supply of 3,997,265,401 at the time of writing. Current data shows that Binance holds 3,623,828,575 $BUSD in six different wallets.
Furthermore, out of the 2.88 billion $TUSD tokens circulating today, 2.45 billion $TUSD is also held by Binance. This means 90.65% of the $BUSD tokens today are held by the world’s largest exchange and 85.06% of the $TUSD supply is controlled by Binance.