Stablecoins See Fluctuations with Supply Increasing and Decreasing

• The stablecoin market was valued at $135 billion on March 26, with the top stablecoins making up 75% of global trade volume.
• Over the last two weeks, 7.06 billion USDC and 351.57 million BUSD have been redeemed, while the number of tether stablecoins in circulation increased by 6.12 billion.
• USDC experienced a 19.5% reduction in supply; TUSD, LUSD, and USDT saw double-digit increases; and BUSD and GUSD had the largest decreases with 30.6% and 31.6%, respectively.

Stablecoin Market Overview

On March 26th 2023, the stablecoin economy was valued at $135 billion with the top stablecoins representing $31.8 billion or 75% of the 24-hour global trade volume across the entire crypto market over that same period of time.

Stablecoin Circulation Changes

In recent weeks, supplies of some stablecoins have decreased while others have increased significantly. The top ten list includes USDT, USDC, BUSD, DAI, TUSD, FRAX, USDP, USDD, GUSD and LUSD as of March 26th 2023 . USDC experienced a 19.5% decrease in supply over the last month with 6.12 billion being redeemed since March 11th whereas BUSD and GUSD had the largest reductions in supply by 30.6% and 31.6%, respectively . Both TUSD and LUSD experienced double digit increases whilst also registering a 112% increase for TUSd since last month .

Proof-of-Reserves Tool

Nansen’s Proof-of-Reserves tool has reported that there is currently $737 million BUSBs held by Binance , $267 million LUSDs , 79.$7bilion USDTs , 2.$05billion TUSDs in circulation as well as Makerdao’s DAI recording an 4$.7 percent increase in circulation . Furthermore Frax has seen 1$.9 percent increase as well as 8$.5 percent increase for USDPs token assets over this period too .

Future Of Stablecoins

As technology advances it is likely that we will see continued growth within the stablecoin market due to its potential to provide stability compared to other cryptocurrencis which are still subject to volatility . This could mean that more businesses begin to accept payments made using these coins which could lead to more acceptance within mainstream markets thus increasing their value greatly .

Conclusion

The future of Stablecoins looks promising due to their ability to provide stability compared to other cryptocurrencies which are still volatile in nature . With an increasingly growing demand from businesses looking for payment methods that are secure yet reliable – it is likely this market will continue grow even further over time .