Just over two months or approximately 83 days ago, the stablecoin usd coin (USDC) had a market valuation of around $55.52 billion and since then, USDC’s market capitalization has lost 12.05%. For most of 2022, the second largest stablecoin by market capitalization, USDC has been above the $50 billion mark, but this week the crypto asset’s market valuation is around $48.82 billion.
USDC’s Market Cap Drops 12% After Tether’s Recent Stablecoin’s Halving
In mid-June, Bitcoin.com News reported on the largest stablecoin asset Tether (USDT), as USDT wiped out more than $12 billion from the market cap in two months and, at the same time, the number of USDT coins (USDC). Market cap increased. 9%.
However, USDC’s market cap has shrunk a great deal during the last 83 days, as it has dropped by $6.7 billion since July 7, 2022. At the time of writing, at 4:15 p.m. (ET) on Wednesday afternoon, USDC’s market valuation is $48.82 billion and on July 7, it was much higher at roughly $55.52 billion.
USDC’s market cap today is in the $50 billion zone, but for most of 2022, the stablecoin’s market valuation remained above that zone. On February 1, 2022, USDC hit the $50 billion mark in terms of market capitalization, and remained above that area until April 17.
After May 13, USDC once again reclaimed a market valuation above the $50 billion zone, and it remained that way for roughly 130 consecutive days. While USDC’s market valuation shrunk by 12.05% during the last 83 days, 6.6% of the loss was erased from the market cap during the past 30 days.
USDC’s market cap drop follows the company’s recent partnership with Robinhood Markets, but it also follows recent auto-conversion moves by Binance and Wazirx. Binance and Wazirx both automatically convert their clients’ USDC holdings (and other stablecoins) to BUSD if they do not withdraw USDC by a specific date.
Today, on September 28, statistics indicate that USDC has roughly $4.31 billion in 24-hour global trade volume. The stablecoin’s market cap dominance represents 4.985% of the crypto economy’s $983 billion in fiat value. USDC’s top trading pair today is tether (USDT) as it accounts for 32.25% of today’s usd coin trades.
Tether is followed by EUR (27.16%), USD (22.56%), and GBP (6.51%) in terms of top USDC pairs on Wednesday. Stablecoins such as Tether (USDT) and USD Coin (USDC) have seen significant growth in the euro and pound trading pairs as both fiat currencies begin to slide against the greenback.
