{"id":527776,"date":"2023-04-20T17:00:00","date_gmt":"2023-04-20T17:00:00","guid":{"rendered":"https:\/\/uniquehot.com\/?p=527776"},"modified":"2023-04-20T13:55:02","modified_gmt":"2023-04-20T13:55:02","slug":"stablecoin-market-share-dwindles-as-usdc-and-busd-supply-deplete","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/stablecoin-market-share-dwindles-as-usdc-and-busd-supply-deplete\/","title":{"rendered":"Stablecoin Market Share Dwindles As USDC And BUSD Supply Deplete"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The top 4 stablecoin valuations have declined significantly since this year. USDC and BUSD supply has depleted by $31 billion, pushing down the overall stablecoin market share.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In addition, the top 4 stablecoins&#8217; market capitalization has dropped by 23% from a peak of $161 billion per <\/span><a href=\"https:\/\/twitter.com\/glassnode\/status\/28398849\" rel=\"nofollow\"><span style=\"font-weight: 400\">Glassnode\u2019s report<\/span><\/a><span style=\"font-weight: 400\">. The report noted the major cause of the shrinking stablecoin market cap is the dwindling supply of USDC and BUSD.<\/span><\/p>\n<h2><b>USDT Dominance Increases As BUSD And USDC Supply Shrink<\/b><\/h2>\n<p><span style=\"font-weight: 400\">The stablecoin market has faced its share of challenges this year, partly due to regulatory roadblocks on BUSD and USDC. BUSD\u2019s supply has reduced since its issuer Paxos suspended minting after receiving a desist order from US regulators.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-bearish-supply-older-7-years-moves\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Bearish Signal: Supply Older Than 7 Years On The Move<\/a><\/div>\n<p><span style=\"font-weight: 400\">Also, Circle <\/span><a href=\"https:\/\/www.circle.com\/blog\/an-update-on-usdc-and-silicon-valley-bank\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">announced<\/span><\/a><span style=\"font-weight: 400\"> that $3.3 billion of USDCs are stuck on Silicon Valley Bank. As a result, the aggregate market cap of the top four stablecoins fell from $161 billion by 23%.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to Glassnode\u2019s <\/span><span style=\"font-weight: 400\">report,<\/span><span style=\"font-weight: 400\"> USDC circulating supply has declined by $20 billion while BUSD\u2019s reduced by $11 billion from their peaks. Also, Tether (USDT), the number 1 stablecoin, lost $1.3 billion from its supply, while DAI lost $4.4 billion.<\/span><\/p>\n<figure id=\"attachment_527780\" aria-describedby=\"caption-attachment-527780\" style=\"width: 860px\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-527780 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/USDT_2023-04-20_18-16-34.png?resize=860%2C501\" alt=\"Stablecoin Market Share Dwindles As USDC And BUSD Supply Deplete \" width=\"860\" height=\"501\"><figcaption id=\"caption-attachment-527780\" class=\"wp-caption-text\">Total USDT market cap is in the green zone l Source: <a href=\"https:\/\/www.tradingview.com\/x\/6BaJQvYD\/\" target=\"_blank\" rel=\"noopener nofollow\">Tradingview.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">At press time, the <\/span><a href=\"https:\/\/coinmarketcap.com\/view\/stablecoin\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">total market capitalization<\/span><\/a><span style=\"font-weight: 400\"> of all stablecoins stands at $132 billion, an over 20% decline. More so, stablecoins occupy 10.4% of the total crypto market cap, which has fallen by over 50% from its peak.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The top 4 stablecoins account for nearly 90% billion of the overall stablecoin market cap, with USDT dominating the chart. Although BUSD and USDC\u2019s decline affected the broader stablecoin market, the news brought more shine to USDT. As a result, <\/span><a href=\"https:\/\/studio.glassnode.com\/workbench\/usd-top4-relative\" rel=\"nofollow\"><span style=\"font-weight: 400\">USDT\u2019s supply dominance<\/span><\/a><span style=\"font-weight: 400\"> has increased by over 60%.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Moreover, the Tether printer appears to <\/span><a href=\"https:\/\/tronscan.org\/#\/contract\/TBPxhVAsuzoFnKyXtc1o2UySEydPHgATto\/transfers\" rel=\"nofollow\"><span style=\"font-weight: 400\">mint more<\/span><\/a><span style=\"font-weight: 400\"> this year, adding $15 billion to the stablecoin\u2019s supply. That has pushed Tether\u2019s supply to 81 billion USDT, nearly equaling its May 2022 all-time high of 83 billion USDT.<\/span><\/p>\n<h2><b>Stablecoin Market Improves While Cryptocurrencies Turn Bearish<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Although BUSD and USDC\u2019s supply shortage is significant, over the past month, other stablecoins increased supply. That includes the Pax Dollar (USDP), which saw a 40% increase in circulating supply since the start of April. The increased USDP minting pushed its circulating supply above 1 billion.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/yield-curve-reaches-historic-low-bitcoin\/\" target=\"_blank\" rel=\"noopener \">Yield Curve Reaches Historic Low, What It Means For Bitcoin<\/a><\/div>\n<p><span style=\"font-weight: 400\">USDP isn\u2019t the only stablecoin that witnessed an increase in circulating supply. Gemini Dollar (GUSD) also did, even though its supply is only a speck in the overall stablecoin market share. This stablecoin witnessed an over 12% increase in supply to $440,000 in the last month.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Despite the total stablecoin market share falling from its previous peak, it recorded a slight <\/span><a href=\"https:\/\/coinmarketcap.com\/view\/stablecoin\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">increase of 0.06%<\/span><\/a><span style=\"font-weight: 400\"> in the last 24 hours. But the global <\/span><span style=\"font-weight: 400\">cryptocurrency market cap<\/span><span style=\"font-weight: 400\"> has declined by 1.36% over the past 24 hours.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The crypto market has met a correction over the past 48 hours after several weeks of a bullish uptrend. At press time, the <\/span><span style=\"font-weight: 400\">two chief cryptocurrencies<\/span><span style=\"font-weight: 400\">, Bitcoin and Ethereum, are trading bearish.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, most <\/span><span style=\"font-weight: 400\">stablecoins<\/span><span style=\"font-weight: 400\"> are green today, with USDT, USDC, and BUSD trading at a 0.01% price increase over the past 24 hours.<\/span><\/p>\n<p>Featured image from Pixabay and chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The top 4 stablecoin valuations have declined significantly since this year. USDC and BUSD supply has depleted by $31 billion, pushing down the overall stablecoin market share.\u00a0 In addition, the top 4 stablecoins&#8217; market capitalization has dropped by 23% from a peak of $161 billion per Glassnode\u2019s report. The report noted the major cause of the shrinking stablecoin market cap is the dwindling supply of USDC and BUSD. USDT Dominance Increases As BUSD And USDC Supply Shrink The stablecoin market has faced its share of challenges this year, partly due to regulatory roadblocks on BUSD and USDC. BUSD\u2019s supply has reduced since its issuer Paxos suspended minting after receiving a desist order from US regulators. Related Reading: Bitcoin Bearish Signal: Supply Older Than 7 Years On The Move Also, Circle announced that $3.3 billion of USDCs are stuck on Silicon Valley Bank. As a result, the aggregate market cap of the top four stablecoins fell from $161 billion by 23%. According to Glassnode\u2019s report, USDC circulating supply has declined by $20 billion while BUSD\u2019s reduced by $11 billion from their peaks. Also, Tether (USDT), the number 1 stablecoin, lost $1.3 billion from its supply, while DAI lost $4.4 billion. At press time, the total market capitalization of all stablecoins stands at $132 billion, an over 20% decline. More so, stablecoins occupy 10.4% of the total crypto market cap, which has fallen by over 50% from its peak.\u00a0 The top 4 stablecoins account for nearly 90% billion of the overall stablecoin market cap, with USDT dominating the chart. Although BUSD and USDC\u2019s decline affected the broader stablecoin market, the news brought more shine to USDT. As a result, USDT\u2019s supply dominance has increased by over 60%. Moreover, the Tether printer appears to mint more this year, adding $15 billion to the stablecoin\u2019s supply. That has pushed Tether\u2019s supply to 81 billion USDT, nearly equaling its May 2022 all-time high of 83 billion USDT. Stablecoin Market Improves While Cryptocurrencies Turn Bearish Although BUSD and USDC\u2019s supply shortage is significant, over the past month, other stablecoins increased supply. That includes the Pax Dollar (USDP), which saw a 40% increase in circulating supply since the start of April. The increased USDP minting pushed its circulating supply above 1 billion. Related Reading: Yield Curve Reaches Historic Low, What It Means For Bitcoin USDP isn\u2019t the only stablecoin that witnessed an increase in circulating supply. Gemini Dollar (GUSD) also did, even though its supply is only a speck in the overall stablecoin market share. This stablecoin witnessed an over 12% increase in supply to $440,000 in the last month. Despite the total stablecoin market share falling from its previous peak, it recorded a slight increase of 0.06% in the last 24 hours. But the global cryptocurrency market cap has declined by 1.36% over the past 24 hours.\u00a0 The crypto market has met a correction over the past 48 hours after several weeks of a bullish uptrend. At press time, the two chief cryptocurrencies, Bitcoin and Ethereum, are trading bearish.\u00a0 Meanwhile, most stablecoins are green today, with USDT, USDC, and BUSD trading at a 0.01% price increase over the past 24 hours. Featured image from Pixabay and chart from Tradingview<\/p>\n","protected":false},"author":584,"featured_media":519659,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,84032,15241,16680,10263],"class_list":["post-527776","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-busd","tag-stablecoins","tag-usdc","tag-usdt"],"acf":[],"yoast_head":"\n<title>Stablecoin Market Share Dwindles As USDC And BUSD Supply Deplete<\/title>\n<meta name=\"description\" content=\"The top 4 stablecoin valuations have declined significantly since this year. 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