During the last two months, the stablecoin tether has been one of the most traded crypto assets swapped against a myriad of digital currencies. 66 days ago on April 11, 2022, tether’s market valuation was over $82 billion with 82,694,361,442 tethers in circulation. Since then, more than 12 billion tethers have been removed from circulation amid the Terra blockchain implosion, the recent crypto market carnage, and rumors circulating around Celsius and Three Arrows Capital (3AC).
Over 12 Billion Tether Leaving the Crypto Economy Since April 11
According to market data, the number of tethers (USDT) in circulation has fallen from over 82 billion to 70 billion today. Bitcoin.com News reported on the increase in the stablecoin market valuation of all existing fiat tokens as the stablecoin economy approached $200 billion on April 11.
On that day, there were approximately 82,694,361,442 tethers in circulation after the dollar-pegged crypto saw a 3% increase in growth the month prior. Since then, 15.30% has been removed from circulation as the circulating supply on June 16, 2022, is 70,038,816,028 USDT, according to coingecko.com metrics.
people have been to remark the number of tethers in circulation plummets as crypto advocates have been discuss topic on social media. Much of the USDT in circulation has been removed since the terrausd (UST) unpeg incident, as there were 82.79 billion tethers in circulation on May 12, 2022.
Two days later on May 14, the number or tethers in circulation was down 7.25% to 76.70 billion USDT, according to coingecko.com stats saved on archive.org. During the course of 33 days, another 8.73% has been removed from circulation since May 14.
USDC market cap increases in last 2 months, Tether commands lion’s share of global trade volume
Meanwhile, tether’s rival usd coin (USDC) has risen over the past couple of months. On April 16, 2022, the total amount of USDC in circulation was approximately 50,090,822,252 tokens according to coincko.com metrics recorded at archive.org. Since then, the number of USDCs has grown to 54,582,713,063, or 8.96%, over the past two months.
During the terrausd (UST) fiasco, the number of USDC slid to 49,122,170,211 on May 12. The USDC in circulation then grew from the 49.12 billion region to 53,804,005,416 by June 10. USDC saw a slight issuance increase since then. Circle also announced the launch of euro coin (EUROC) backed 1:1 by the euro this month.
Data recorded on June 16 shows USDT taking the lion’s share of global cryptocurrency trading volume, as it accounted for $51.41 billion out of $96.31 billion in volume on Thursday. This means that 53.37% of all crypto trades on Thursday were associated with USDT.
The amount of USDC traded on June 16 pales in comparison, as the stablecoin recorded $5.93 billion or 6.15% of the global crypto trade volume during the last 24 hours. Cryptocompare data recorded on June 16 shows USDT trades accounted for 56% of bitcoin’s (BTC) trade volume. While USDC accounted for 2.77% of all BTC trades on Thursday.
