During the past two months, the stablecoin Tether has been one of the most traded crypto assets, having been swapped against a myriad of digital currencies. 66 days ago on April 11, 2022, Tether had a market valuation of over $82 billion, with 82,694,361,442 Tethers in circulation. Since then, over 12 billion Tether have been taken out of circulation amid the Terra blockchain explosion, the recent crypto market carnage, and rumors spreading around Celsius and Three Arrows Capital (3AC).
Over 12 Billion Tethers Have Left the Crypto Economy Since April 11th
According to market data, the number of Tether (USDT) in circulation has dropped from 82 billion to 70 billion today. Bitcoin.com News reported a stable market valuation of all fiat-pegged tokens in existence on April 11, with the stablecoin economy approaching $200 billion.
On that day, there were approximately 82,694,361,442 Tethers in circulation, when the dollar-pegged crypto saw a 3% increase from a month earlier. According to Coingecko.com metrics, since then, 15.30% have been taken out of circulation as the circulating supply is 70,038,816,028 USDT as of June 16, 2022.
people have been looking at The number of Tether in circulation is falling as crypto advocates Discussion on Topics on social media. The majority of USDT in circulation has been removed since the Terased (UST) de-pegging event, as there were 82.79 billion Tethers in circulation on May 12, 2022.
Two days later on May 14, the number or Tether in circulation dropped by 7.25% to 76.70 billion USDT, according to coingecko.com data saved in the archive. During the 33 days since May 14, 8.73% others have been removed from circulation.
USDC’s market cap rises over the past 2 months, with Tether controlling the lion’s share of global trade volume
Meanwhile, Tether’s competitor USD Coin (USDC) has been on the rise during the past two months. As of April 16, 2022, according to coingecko.com metrics recorded on archive.org, the total amount of USDC in circulation was approximately 50,090,822,252 tokens. Since then, the number of USDC has increased to 54,582,713,063, or 8.96%, over the past two months.
During the Terased (UST) failure, USDC numbers dropped to 49,122,170,211 on May 12. The USDC in circulation then increased from the area of 49.12 billion to 53,804,005,416 as of June 10. Since then the USDC has seen a slight increase. Circle also announced this month the launch of the Euro Coin (EUROC), 1:1 backed by the Euro.
Data recorded on June 16 shows USDT commands the lion’s share of global cryptocurrency trading volume, as it stood at $51.41 billion against $96.31 billion on Thursday. This means that 53.37% of all crypto trades on Thursday have been linked with USDT.
USDC volume declined on 16 June, compared to $5.93 billion or 6.15% of global crypto trading volume recorded as stablecoins during the last 24 hours. CryptoKitties data recorded on June 16 shows that USDT trades accounted for 56% of Bitcoin (BTC) trading volume. While USDC accounted for 2.77% of all BTC trades on Thursday.
What do you think about the declining number of tethers in circulation? Let us know what you think about this topic in the comment section below.
image credit: Shutterstock, Pixabay, WikiCommons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation or recommendation or endorsement of an offer to buy or sell any products, services, or companies. Bitcoin.com 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 alleged to be caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.