The stablecoin market has undergone significant changes over the past few weeks, with over 7 billion USDC stablecoins removed from circulation following the March 11 de-pegging event.
Since then, USDC and other stablecoins have been re-pegged, and the Circle stablecoin is currently trading at $1 on multiple centralized trading platforms as of March 18th.
Depeg Causes Selling
USDC reached a price of $0.877 per coin during the unpegging, and six other stablecoins also lost their dollar pegs on the same day. Nevertheless, USDC and other stablecoins have since regained parity with the dollar. The Circle stablecoin has been trading at $1 on several centralized trading platforms since March 17th.
Approximately March 6th, 43.89 billion USDC was in circulation. According to Onchain, on March 17, he was redeemed for 7.08 billion USDC, a 10.2% drop in 30 days. data By CoinGecko.
BUSD also retreats
BUSD’s 24-hour global trading volume on March 17th was $8.2 billion across various exchanges. In the last 11 days, 439 million BUSD have been redeemed. Meanwhile, the amount of his BUSD in circulation decreased from 8.6 billion to 8.2 billion.
Par Nansens Reservation proof According to data, Binance currently holds 7.42 billion BUSD. According to Coin Gecko stablecoin market data, the number of BUSD in circulation is decreased Up 46.3% over the last 30 days. This is due to the SEC filing a wells notice last month on BUSD’s US issuer Paxos, prompting both Binance and Paxos to distance themselves from the stablecoin, analysts say. thinking about.
Tether picks up supply
During the liquidation of both USDC and BUSD over the past few weeks, Tether (USDT), the largest stablecoin by market cap, saw an 8.7% increase in the number of coins in circulation. tether It currently holds an overall market valuation of about $75.29 billion, with 75.17 billion USDT in circulation. On March 17, Tether’s global trading volume was his $80.38 billion, surpassing all other coins across the crypto economy in terms of 24-hour settlement transactions. BUSD and USDC have the second and third largest volume of stablecoins respectively.
