Stablecoin Economy Faces Contraction as Market Capitalization Dips Below $129 Billion
The stablecoin economy has experienced a decline in value, with a loss of over $2 billion in June. The net value of the stablecoin economy decreased from $130.28 billion to $128.21 billion over the past 30 days, indicating $2.07 billion in redemptions.
Key Points:
– Tether (USDT) and trueusd (TUSD) saw gains in the past month, with USDT increasing by 0.1% and TUSD surging by 49.4%.
– On the other hand, USDC, DAI, and BUSD experienced redemptions. USDC had 5.5% of its supply redeemed, DAI recorded a loss of 5.7%, and BUSD saw a reduction of 20.2% in its supply.
– The stablecoin economy has reached its lowest value in approximately 21 months.
– Despite the contraction, stablecoin assets still represent a majority of the overall trading pairs in the crypto market, accounting for $15.86 billion in trades out of $26.80 billion in total trade volume across the entire crypto economy.
In conclusion, the stablecoin economy has faced a contraction in market capitalization, with several stablecoins experiencing redemptions. However, stablecoin assets continue to play a significant role in the crypto market, dominating trading pairs.
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