Key Points:
The top three stablecoins dominate almost 92% of the market, according to DeFillama data. Stablecoins like Circle’s USD Coin have a market dominance of 31.05%, whereas USDT has a market dominance of 49.18% in the cryptocurrency field. As of the time of publication, BUSD has an 11.52% market share.
According to CryptoCompare, the overall market capitalization of stablecoins has decreased for ten months in a row, reaching $137 billion in January. The lowest market cap stablecoins since 2021, according to the research, were also mentioned.
The market capitalization of USDT increased marginally by 0.82% to $66.7 billion, while that of its major competitors, USDC and BUSD, decreased by 2.27% and 3.97%, respectively, to $43.1 billion and $16.1 billion. The market capitalization of less well-known stablecoins like True USD (TUSD) and the algorithmic stablecoin TerraClassicUSD (USTC), which failed, increased by 24.5% and 13.1%, respectively, to $940 million and $225 million.
As consumers withdrew their money in large quantities, these discoveries heightened the FUD surrounding the exchange. Binance’s outflows reportedly reached 25% in just two months. The study claims that its Paxos-issued stablecoin BUSD and native BNB coin were the main drivers of the flows.
Binance’s CZ claimed that the exchange has a sound balance sheet despite all the ambiguity. According to a recent CEO tweet, established financial institutions who reduced their exposure to cryptocurrencies as a result of recent crypto project failures may face “existential ramifications” in 20 years.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
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