The top stablecoins have continued to see redemptions over the past 30 days as the dollar-pegged crypto economy currently hovers at $127.32 billion on July 12. The stablecoin BUSD’s supply has dropped below the 4 billion mark as the token’s number of coins in circulation has fallen 16.7% over the last month.
Dollar-Pegged Cryptos Feel the Pinch as Supplies Shrink Steadily
During the past ten days, the stablecoin economy shrank by $890 million after dropping from $128.21 billion to today’s $127.32 billion. Statistics show that the net value of the top dollar-pegged market capitalizations shrunk a great deal since the start of 2023.
On March 26, 2023, the stablecoin economy was worth $135.08 billion, which means $7.76 billion has been removed from the dollar-pegged token economy over the past 108 days.
30-day statistics paint a similar story as four out of the top five stablecoins saw redemptions shrink their supplies. Tether (USDT) saw a slight drop of 0.3%, while usd coin’s (USDC) supply was reduced by 3.9%.
Makerdao’s DAI saw a 5.6% reduction last month and BUSD’s supply dropped by 16.7%. Trueusd’s (TUSD) supply is still up 41.7% for the month but it has dropped under the 3 billion range to 2.88 billion tokens. Over the past 24 hours, the stablecoin economy recorded $26.42 billion in global trade volume.
With BUSD’s supply dropping 16.7%, the supply is now under the 4 billion range with an approximate supply of 3,997,265,401 at the time of writing. Current data shows that Binance holds 3,623,828,575 BUSD in six different wallets.
Furthermore, out of the 2.88 billion TUSD tokens circulating today, 2.45 billion TUSD is also held by Binance. This means 90.65% of the BUSD tokens today are held by the world’s largest exchange and 85.06% of the TUSD supply is controlled by Binance.
With major stablecoins like BUSD and DAI seeing significant supply reductions recently, how long do you think this downward trend will continue? Share your thoughts and opinions about this subject in the comments section below.
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