Over three billion in value was erased from the stablecoin economy during the past 30 days. The trend occurred despite the number of tethers in circulation rising by 2.2% last month. On Oct. 1, 2022, tether’s market capitalization was approximately $67.95 billion, and it’s risen to $69.36 billion since then. Circle’s usd coin, on the other hand, had a valuation of around $47.20 billion 30 days ago and today, the market cap is $42.54 billion, after the stablecoin project’s number of tokens in circulation dropped by 10.3%.
Stable money economy supply strengthens
According to data recorded on November 2, 2022, the stablecoin economy has lost about US$3.32 billion in nominal value during the past 30 days. Most of the action has come from the top two stablecoins (USDT and USDC), as the number of stablecoins in circulation dropped 10.3% from the previous month. Archived records show that the stablecoin project’s supply declined 9.6% from a month earlier, while USDC’s market cap fell from $47.20 billion in the month of October to $42.54 billion.
Records published on Oct. 1, 2022, further show that the month prior, tether’s (USDT) number of coins in circulation was up roughly 0.6%. Throughout the month of October, USDT’s coins in circulation, according to coingecko.com statistics, indicate the supply has risen by 2.2% since then. At the time, 30 days ago, tether’s market capitalization was roughly $67.95 billion and on Nov. 2, 2022, USDT’s market cap is currently valued at $69.36 billion. Although, USDC was not the only stablecoin that recorded 30-day supply drops since the first of October, as a myriad of stablecoins saw supply reductions.
The stablecoin DAI, issued by the MakerDAO project, has seen a decrease of 10.7% from the previous month. The Frax (FRAX) was down 11.1% and the Pax Dollar (USDP) was down 2.2%. The number of TrueUSD (TUSD) declined by 7.4% during the past 30 days and Tron’s USDD stablecoin supply decreased by 7.2%. While the supply of BUSD increased by 8.1% at the end of September, the total number of coins in circulation in BUSD increased by 2.9% over the previous month.
BUSD’s market cap is now more than half of USDC’s valuation, as the number of BUSD coins in circulation represents 50.82% of the USDC supply. Another interesting factor that took place within the stablecoin economy was the recent HUSD depegging event.
Three days ago, bitcoin.com news reported the HUSD slipping to a record low and is now trading well below that number today. HUSD is currently exchanging hands for $0.324 per unit on November 2nd, 2022. HUSD has dropped to an all-time low at $0.283, and is currently up 14.4% from the all-time low, but the token’s current value isn’t even close to it. The $1 parity that was once held on October 1, 2022.
