Stablecoin Economy Continues to Deflate — USDC’s Market Cap Shed $6.7 Billion in 83 Days – Altcoins Bitcoin News

Just over two months or about 83 days ago, the stablecoin usd (USDC) had a market value 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 cap, USDC has stayed above the $50 billion mark, but this week, the crypto asset’s market valuation is around 48 .82 billion dollars.

After Tether’s Recent Stablecoin Drop, USDC’s Market Cap Drops 12%

In mid-June, News report on the largest stablecoin asset lanyard (USDT)like USDTsaw over $12 billion removed from market capitalization in two months and at the same time, dollar coin’s (USDC) market capitalization increased by 9%.

However, USDC’s market capitalization has shrunk a lot over the past 83 days, as it has dropped $6.7 billion since its inception. July 7, 2022. At the time of writing, at 4:15 p.m. ET (ET) Wednesday afternoon, USDC’s market valuation was $48.82 billion and on July 7, it was much higher at around $55.52 billion. la.

Stablecoin Economy Continues Deflation - USDC Market Cap Drops $6.7 Billion in 83 Days
USDC market cap chart September 28, 2022.

USDC’s market capitalization today is below the $50 billion region but for most of 2022, the stablecoin’s market valuation has remained above that zone. On February 1, 2022, USDC hit the $50 billion mark, in terms of market capitalization, and it remained above that area until April 17.

After May 13, USDC once again regained a market valuation above the $50 billion region and it remained so for about 130 days in a row. While USDC’s market valuation is down 12.05% over the past 83 days, 6.6% of losses have been erased from market capitalization over the past 30 days.

USDC’s market capitalization drops after the company’s recent event partnership with Robinhood Marketbut it also follows automatic conversion by Binance and Wazirx. Both Binance and Wazirx automatically convert customer USDC holdings (and other stablecoins) into BUSD if they don’t withdraw USDC by a specific date.

Today, on September 28, statistics show that USDC there is approximately $4.31 billion in 24-hour global trade volume. The market cap dominance of stablecoins represents 4.985% of the total $983 billion in fiat value of the crypto economy. USDC’s top trading pair today is Tether (USDT) as it accounts for 32.25% of dollar transactions today.

Tether is followed by EUR (27.16%), USD (22.56%) and GBP (6.51%) on the top USDC pairs on Wednesday. Stablecoins like tether (USDT) and usd coin (USDC) have seen a significant increase in euro and pound trading pairs since both fiat currencies started slide against the greenback.

Cards in this story

6.7 billion dollars, Altcoins, Binance, Circle, Dollar support, Fiat, fiat currency, Caps . Market, Robin Hood hero, Stablecoins, Stablecoin Caps Deflate, Stablecoin economy, Limited Stablecoin Market, Tether, dollar coin, USDC, USDT, Wazirx

What do you think about USDC’s market valuation sliding more than 12% over the past 83 days and 6.6% over the past 30 days? Let us know your thoughts on this topic in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at News and a fintech journalist living in Florida. Redman has been an active member of the crypto community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written over 6,000 articles for News about the disruptive protocols emerging today.

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