The recent fall of Terra ClassicUSD (USTC) and other stablecoins have brought them under the radar and are being scrutinized with global regulators taking measures to protect and regulate them.
The stablecoins’ entire market value has dropped to $160.9 billion. Although, in the last 30 days, the USD Coin (USDC) has outpaced the largest stablecoin, USDT.
Tether’s market capitalization has declined by more than 12.7 percent in the last 30 days. It is now valued at $72.7 billion. USDC, on the other hand, has increased by over 11% in the same time period. The market value of the US dollar coin is $54.1 billion.
Meanwhile, among the top stablecoins, Tron’s USDD has seen the most growth. In the last 30 days, its overall market capitalization has climbed by 635 percent. The coin was released soon as the stock market began to fall. There are already over 667 million tokens in circulation.
Stablecoins not so ‘stable’
The 24-hour trading volume of stablecoins has decreased to $32.8 billion. According to the data, the USDT controls 79 percent of the trade volume (about $30.7 billion). The 9.5 percent (about $3.7 billion) is accounted for by USDC.
In the meantime, the market capitalization of Binance USD has climbed by roughly 1.5 percent in the last 30 days. It is now worth $18 billion. While the market capitalization of Dai Stablecoin has decreased by almost 21% to $6.4 billion.
The global crypto market crashed in May, and many big stable tokens were de-pegged. The fall of Terra’s USTC, which had a market cap of over $18 billion, plummeted to roughly $186 million.
The token’s value, which was supposed to be backed by the dollar, plummeted to roughly $0.018. Terra Classic (LUNC) prices have plummeted from $116 to $0.000093. LUNC once had a market capitalization of more than $40 billion. It is now valued at roughly $608 million.