For the first time in several months, all of the leading ten stablecoin assets have undergone a contraction in supply over the past month. Following significant declines across various projects, the stablecoin market now amounts to $124 billion. Nevertheless, stablecoins continue to hold a major share of global trade volume, making up 61% of all completed trades in the previous 24 hours.
Top 10 Stablecoin Supplies Shrink in 30 Days, While FDUSD’s Supply Increases by 23%
Every one of the top ten stablecoins, as ranked by market value, has witnessed a drop in supply. Specifically, tether (USDT) suffered a 1.3% reduction in circulation in the last month. The supply of USDC has fallen by 3%, and Makerdao’s DAI has suffered a 7.6% decline.
Paxos-backed BUSD’s supply now sits just over 3 billion, losing 15.7% of its circulating supply compared to the same time last month. At the same time, the supplies of trueusd (TUSD) and Frax’s FRAX have decreased by 1% and an astonishing 19.8%, respectively.
The supplies of both USDD and USDP have been reduced by amounts ranging from 1.2% to 10.1%. Simultaneously, gemini dollar (GUSD) experienced a steep 36% fall this month, while liquity usd (LUSD) saw a 1.4% decrease over the same period.
On the other hand, the newly launched stablecoin FDUSD has seen a substantial increase in its supply. CryptokenTop.com News reported FDUSD’s supply at 232 million on August 3, 2023, and now it stands around 287 million.
This growth means that FDUSD’s supply has skyrocketed by 23.7% in the last 15 days, even as the majority of the top ten stablecoins were undergoing significant pullbacks. Most of FDUSD’s supply is held in Binance wallets, with only 26 unique holders as of August 18, 2023.
With stablecoins linked to 61% of the trades on the day, the total value comes to $74.26 billion as of 10:00 a.m. Eastern Time this Friday. Of this amount, tether (USDT) accounts for an astounding $52.73 billion, making up 71% of the global stablecoin trade volume for the day.
What are your insights into the stablecoin movement over the past month and the reductions during that period? Feel free to share your views and opinions on this topic in the comments section below.
Frequently Asked Questions (FAQs) about fokus keyword: stablecoins
What has happened to the top 10 stablecoins’ supply in the last 30 days?
The entire list of top ten stablecoin assets has experienced supply shrinkage in the last 30 days, with notable reductions across several projects.
How does the decrease in stablecoin supply relate to global trade volume?
Despite the decrease in supply, stablecoins still dominate in terms of global trade volume, accounting for 61% of all settled trades in the past day.
Which stablecoin has seen a significant increase in supply, contrary to others?
The newly launched stablecoin FDUSD has expanded its supply significantly, surging by 23.7% in the last 15 days, while most of the top ten stablecoins faced reductions.
What is the current total value of stablecoin trades as of the latest report?
The total value of stablecoin trades reaches $74.26 billion as of 10:00 a.m. Eastern Time on the reported Friday.
How much does tether (USDT) represent in global stablecoin trade volume?
Tether (USDT) represents a staggering $52.73 billion, translating to 71% of the global stablecoin trade volume for the day.
More about fokus keyword: stablecoins
- CryptokenTop.com News
- Paxos-backed BUSD Information
- Binance Wallets
- USDT Information
- FDUSD Stablecoin Details