Four of the top five stablecoins have experienced net redemptions over the last 30 days, resulting in a loss of $2.4 billion in the stablecoin economy since March 31, 2023. While some digital assets have decreased in value against the U.S. dollar, the stablecoin market has taken a hit.
Stablecoin Market Valuation
On March 31, 2023, the market capitalization of the top stablecoins was worth $133.63 billion. However, now, the valuation is down to $131.21 billion, indicating that $2.4 billion worth of stablecoins have been withdrawn from the market.
Top Five Stablecoins: Circulating Supply and Market Capitalization
Over the last 30 days, USDC, BUSD, DAI, and TUSD have all seen redemptions, with USDC and BUSD experiencing the most significant losses. USDC’s circulating supply went down by 10.2% compared to last month, and BUSD fell by 20.6%. DAI’s supply decreased by 9%, and TUSD’s supply decreased by 0.7%.
However, Tether (USDT) was an exception in the market, with 2.3% growth since last month. Tether now has a market capitalization of $81.39 billion, accounting for 61.65% of the entire stablecoin economy’s value.
While some stablecoins have been facing losses, others have seen growth. Pax Dollar (USDP) has risen by 33.9% over the last month, with a market valuation of approximately $1,037,832,268.
Gemini’s dollar-pegged token GUSD saw its supply increase by 18.1% to $465.22 million. Liquity USD (LUSD) recorded a 2.4% rise, and magic internet money (MIM) increased by 5.9% last month.
Two stablecoins faced losses during the last 30 days. Frax Dollar (FRAX) shed 3.8% while Tron’s USDD lost 1% of its circulating supply.
The entire stablecoin economy represents 11.02% of the crypto economy’s $1.19 trillion net value, showing the market’s strength and impact.