Major Supply Drops for Top Dollar-Pegged Stablecoins
The stablecoin market, currently valued at $124.54 billion, has experienced significant supply drops for several of the top projects. Here are the key points:
1. Tether (USDT), the leading stablecoin, saw a 1.1% decrease in its circulating supply over the past month.
2. Circle’s usd coin (USDC) experienced a 1.4% decline in supply, while Makerdao’s DAI faced a 6.4% contraction.
3. BUSD is on the brink of dropping below the $3 billion mark, with a 16.6% decrease in supply. TUSD also reported a 3.8% dip.
4. Tron’s USDD and pax dollar (USDP) registered monthly drops of 2.5% and 8.3% respectively.
5. The newcomer, first digital usd (FDUSD), defied the trend by expanding its supply by over 40%.
Despite these declines, USD-pegged stablecoins still dominate the trading volume in the crypto world. Of the total $36.92 billion traded in a 24-hour period, stablecoins accounted for $28.65 billion, with tether (USDT) contributing $18.83 billion.
In conclusion, the stablecoin market has seen significant supply drops for several top projects, while others have managed to expand their supply. The dominance of stablecoins in crypto trading volume remains strong.
Hot Take: The stability of the stablecoin market is essential for the broader cryptocurrency ecosystem. The supply drops and fluctuations highlight the need for constant monitoring and regulation to maintain market confidence.
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