During the last month, the market capitalization of all the stablecoins in existence dropped by more than 2%, shedding roughly $2.98 billion since the end of October. Statistics show that tether, the largest stablecoin by market valuation, saw its market cap lose more than 5% during the last 30 days. Tether’s market cap slipped from last month’s $69.13 billion to today’s $65.48 billion.
Stablecoin Economy Collapses, Tether Market Cap Sheds 5%
The data shows that the market valuation of the stablecoin economy has decreased by about 2.02% during the last 30 days. On October 31, 2022, the stablecoin economy was valued at $147.03 billion and today, it has decreased to $144.05 billion.
Furthermore, the market capitalization of all the stablecoins in existence is much lower than it was two months ago, as the market cap dropped by 4.83% from $151.37 billion to today’s $144 billion total. Data indicates that this past month, tether (USDT) has seen its market capitalization drop more than 5% lower from $69.13 billion to the current $65.48 billion.
However, USD Coin (USDC), the second largest stablecoin by market cap, has seen its market valuation increase by about 1.5% over the past 30 days. The valuation of the stablecoin BUSD has been increasing month on month, and has gained 4.8% over the past 30 days. Out of the top five stablecoins today, BUSD’s market cap has increased the most over the past month.
Makerdao’s DAI stablecoin has shed 9.7% this past month and the stablecoin’s market capitalization was the biggest loser out of the top ten dollar-pegged crypto tokens. On Oct. 31, DAI’s market cap was around $5.77 billion and today, it’s coasting along at $5.20 billion. With tether and DAI leading the losses over the last month out of the top ten stablecoins, frax (FRAX) followed behind the two tokens shedding around 3.1% last month.
Stablecoin trading volume has dropped significantly over the past two months but the coin still represents the majority of trades today. For example, on September 27, 2022, the stablecoin captured $205 billion out of $225 billion in global trade. On October 31, out of the total worldwide crypto trading volume ($71 billion), stablecoins recorded $55.91 billion in trades.
During the past 24 hours stablecoins have captured $37.73 billion and the aggregate trade volume among all the crypto coins in existence today is roughly $46.56 billion. This means out of the $46 billion in trades among all the crypto assets, stablecoins equate to 81.04% of those trades.
