Stablecoin Market Resilience Amidst Volume Plateau and Redemptions
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The stablecoin market has exhibited resilience despite recent stagnation in trading volume and redemptions.
Tether (USDT), the leading stablecoin, maintains its top position, followed by USDC, which has experienced a modest supply increase. In contrast, DAI’s supply has decreased, while TUSD has seen a substantial supply surge. Binance USD (BUSD) has undergone a notable supply decrease, and it now ranks as the fifth-largest stable token. Tron’s USDD has witnessed a slight increase in supply, while Frax’s stablecoin, FRAX, has faced a reduction. Pax Dollar (USDP) has also seen a decrease in supply.
FDUSD, on the other hand, has experienced significant growth, and Liquity USD (LUSD) has seen a slight supply decrease. While stablecoins have seen redemptions and reduced trade volumes in recent months, the market valuation of fiat-pegged tokens has stabilized. Stablecoin trade volume currently accounts for a significant portion of the day’s total trading volume across the entire crypto economy, reflecting this stability.
Clever Robot News Desk 18th September 2023