Last month, the market valuation of the stablecoin economy fell from $155.23 billion to $153.34 billion on July 20, down about 1.21%. The two most valuable stablecoins, Tether and USD tokens, have seen their market caps slip over the past 30 days, while BUSD and DAI have risen.
Stablecoin Market Loses Nearly $2 Billion, Stablecoin Token Dominance Equivalent to 14.16% of Entire Crypto Economy
Statistics show that on June 23, 2022, the market capitalization of the entire stablecoin economy is approximately $155.23 billion. Since then, $1.89 billion has been wiped, as the stablecoin economy on Wednesday, July 20 was around $153,349,982,002. The 1.21% decrease was partly due to the 30-day decrease in Tether (USDT) and USD Coin (USDC).
For example, USDT’s market cap fell 3.1% last month, and USDC’s market cap fell 2.4%. The market value of the U.S. dollar neutrino (USDN), based on the Waves network, has fallen 5.7% over the past 30 days. Tether (USDT) remains the largest stablecoin market valuation, but USDC is approaching the same market cap. This week, USDT’s market cap was $65.78 billion, while USDC’s market cap was $54.70 billion, down 16.84%.
On July 20, the global trade volume of the entire stablecoin economy was $84.99 billion, of which USDT’s global trade volume was $70.82 billion, and USDC’s global trade volume was $7.53 billion. These two tokens accounted for 92.18% of the global stablecoin trading volume in the past 24 hours, dominating the global stablecoin trading volume.
Meanwhile, the market cap of the Binance-backed stablecoin BUSD increased by 3.5% to $17.95 billion. The 24-hour trading volume of BUSD exceeds USDC, with BUSD trading volume of $8.65 billion. Makerdao’s DAI market cap has grown by 8.8% over the past month. At the time of writing, DAI has a market capitalization of approximately $6.81 billion and a global trade volume of approximately $330 million.
The valuation of the Inverse.finance stablecoin Dora (DOLA) surged 113.5% last month. Two Synthetix.io stablecoins, susd (SUSD) and seur (SEUR), have both seen double-digit growth over the past 30 days. The valuation of SUSD increased by 29.3%, and the market value of Synthetix.io’s euro token SEUR increased by 23.5%.
Additionally, Tron’s USDD ranks ninth in terms of stablecoins by market cap. Abracadabra’s stablecoin MIM was once a top ten contender, but is now the 13th largest stablecoin by market valuation. While the size of stablecoins and the cryptoeconomy in general has shrunk, stablecoins are very common in today’s markets and industries.
USDT and USDC accounted for 92.18% of the global trading volume of $84.99 billion, and the total global stablecoin trading volume accounted for 70.37% of the $120.76 billion trading volume that day. Additionally, USDT’s market dominance is 6.089% of the crypto economy’s net assets, while USDC’s valuation is equivalent to 5.09%. The entire stablecoin economy accounted for 14.16% of the $1,082,553,811,424 value recorded on July 20.
How do you feel about the stablecoin economy over the past 30 days? Let us know your thoughts on this topic in the comments section below.
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