Stablecoin Economy Continues to Deflate — USDC’s Market Cap Shed $6.7 Billion in 83 Dnevi

Just over two months or approximately 83 pred dnevi, 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 milijarde mark, but this week the crypto asset’s market valuation is around $​​48.82 billion.

Following Tether’s Recent Stablecoin Reduction, USDC’s Market Cap Drops 12%

In mid-June, Novice Bitcoin-Tidings.com poročali on the largest stablecoin asset privez (USDT), kot USDT’s saw more than $12 billion erased from the market cap in two months and at that same time, usd coin’s (USDC) market cap rose by 9%.

Vendar, USDC’s market cap has shrunk a great deal during the last 83 dnevi, as it has dropped by $6.7 billion since julija 7, 2022. V času pisanja, pri 4:15 popoldne. (ET) on Wednesday afternoon, USDC’s market valuation is $48.82 billion and on July 7, it was much higher at roughly $55.52 milijarde.

USDC’s market cap today is under the $50 billion zone but for most of 2022, the stablecoin’s market valuation remained above that region. On February 1, 2022, USDC captured the $50 milijarde mark, v smislu tržne kapitalizacije, and it remained above that region 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% med zadnjim 83 dnevi, 6.6% of the loss was erased from the market cap during the past 30 dnevi.

USDC’s market cap drop follows the company’s recent partnerstvo z Robinhood Markets, but it also follows the recent auto-conversion moves by Binance and Wazirx. Both Binance and Wazirx auto-converted their customer’s USDC holdings (and other stablecoins) into BUSD if they did not withdraw the USDC by a specific date.

Danes, 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% kriptoekonomije $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%), ameriški dolar (22.56%), and GBP (6.51%) in terms of USDC’s top pairs on Wednesday. Stablecoins like tether (USDT) and usd coin (USDC) have seen a significant rise in euro in funt trading pairs since both fiat currencies started to slide against the greenback.

What do you think about USDC’s market valuation sliding by more than 12% during the past 83 days and 6.6% nad zadnjim 30 dnevi? Let us know what you think about this subject in the comment section below.

Jamie Redman

Jamie Redman je vodja novic pri Bitcoin-Tidings.com News in finančni novinar, ki živi na Floridi. Redman je od takrat aktiven član skupnosti kriptovalut 2011. Ima strast do bitcoinov, odprtokodna koda, in decentralizirane aplikacije. Od septembra 2015, Redman je napisal več kot 6,000 članki za Bitcoin-Tidings.com Novice o motečih protokolih, ki se pojavljajo danes.

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