Over the past month, the market valuation of the stablecoin economy fell from $155.23 billion on July 20 to $153.34 billion, a fall of nearly 1.21%. The top two stablecoins by valuation, Tether and USD Coin, have seen their market caps decline over the past 30 days, while BUSD and DAI have seen gains.
Stablecoin Market Closes to $2 Billion, Stablecoin Token Dominance Equals to 14.16% of Entire Crypto Economy
Statistics show that as of June 23, 2022, the market capitalization of the entire stablecoin economy was approximately $155.23 billion. Since then, $1.89 billion has been wiped out, as the stablecoin economy stands at around $153,349,982,002 as of Wednesday, July 20. Some of the 1.21% decrease stemmed from the 30-day halving of Tether (USDT) and USD Coin (USDC).
For example, USDT’s market valuation is down 3.1% and USDC is down 2.4% in the past month. The market cap of the Waves Network-based Neutrino USD (USDN) declined by 5.7% during the past 30 days. Tether (USDT) is still the largest stablecoin market valuation, but USDC is approaching the same capitalization. USDT has a market cap of $65.78 billion this week while USDC is down 16.84% at $54.70 billion.
On July 20, the overall stablecoin economy saw $84.99 billion in global trade volume, while USDT captured $70.82 billion of that trade volume, and USDC saw $7.53 billion in global trade volume. Both coins dominated the stablecoin trading volume across the globe with 92.18% of the global trading volume during the last 24 hours.
Meanwhile, the market capitalization of Binance-backed stablecoin BUSD rose 3.5% to $17.95 billion. BUSD has seen more 24-hour trading volume than USDC as $8.65 billion in BUSD trade volume was recorded. MakerDAO’s DAI saw an 8.8% increase in market capitalization during the past month. At the time of writing, DAI has a market capitalization of approximately $6.81 billion and a global trading volume of approximately $330 million.
The valuation of the Inverse.finance stablecoin dola (DOLA) rose 113.5% last month. The two Synthetix.io stablecoins susd (SUSD) and seur (SEUR) both saw double digit growth during the past 30 days. The valuation of SUSD is up 29.3% and the market cap of the Synthetix.io euro token SEUR jumped 23.5%.
Furthermore, Tron’s USDD occupies the ninth position in terms of stablecoins by market cap. Abracadabra’s stablecoin MIM was once a top ten contender, but is now the 13th largest stablecoin by market valuation. While stablecoins and the size of the crypto economy, in general, have dwindled, stablecoins are very prevalent in the market and industry today.
USDT and USDC captured 92.18% of the $84.99 billion in global trading volume, representing 70.37% of the total global stablecoin trading volume of $120.76 billion in trades on the day. Additionally, USDT has a market dominance of 6.089% of the crypto economy’s net worth while USDC’s valuation is as high as 5.09%. The entire stablecoin economy represents 14.16% of the $1,082,553,811,424 in value recorded on July 20.
What do you think about the stablecoin economy over the past 30 days? Tell us your thoughts about this topic in the comment section below.
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