depegging

Stablecoin Supply Plummets After Depegging Event: $7.4B Dollar-Pegged Tokens Withdrawn From Circulation

March 17, 2023 Bitcoin.com

24-hour settled trades

During the past 11 days, over 7 billion USDC stablecoins have been withdrawn from circulation, with most of the redemptions occurring following the depegging event of USDC on March 11, 2023. Furthermore, since March 6, a total of 439.48 million BUSD stablecoins have been redeemed. Stablecoin Depegging Event Triggers Billions in Redemptions The stablecoin landscape […]

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Stablecoin Trading Dominates Monday’s Crypto Market, Tether and BUSD Sell at Premiums

March 13, 2023 Bitcoin.com

arbitrageurs

On Monday, the crypto economy experienced significant market activity with $183.85 billion in global trade volume over 24 hours, with a large portion of those trades involving stablecoins. USDC traded near parity with the U.S. dollar, and several stablecoins, including tether and BUSD, sold at premiums. Tether reached a high of $1.04 per unit and […]

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Binance Converts $1 Billion BUSD Into Bitcoin, BNB, and Ethereum

March 13, 2023 Bitcoin.com

asset

On Monday, Binance CEO Changpeng Zhao, also known as CZ, announced that the company had decided to convert $1 billion worth of BUSD from the Industry Recovery Initiative fund into three different cryptocurrencies. Zhao noted that significant onchain movements would be noticeable following the announcement. CZ’s Decision to Convert $1 Billion BUSD Comes Amidst Troubles […]

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USDC Stablecoin Nears Parity With USD After Fed’s Bailout Announcement

March 13, 2023 Bitcoin.com

bitcoin.com

The stablecoin USDC has nearly regained parity with the U.S. dollar after rising just above $0.99 on March 12, 2023, at 7:20 p.m. Eastern Time. The stablecoin jumped back to the $0.99 range after the U.S. Federal Reserve revealed it would bail out depositors of California’s Silicon Valley Bank (SVB) and New York’s Signature Bank. […]

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USDC Dominated Trading Volume on Decentralized Exchanges Amidst Depegging Incident

March 12, 2023 Bitcoin.com

Auto-Conversion

On Saturday, several centralized crypto trading platforms and payment processors stopped USDC auto conversions. However, USDC experienced a significant trading volume on decentralized exchange (dex) platforms such as Uniswap, Curve, and Pancakeswap. Uniswap alone recorded $10.13 billion in trades over the past day, with more than 55% of those swaps involving USDC against wrapped ether, […]

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USDC Stablecoin Depegging Causes Concern Among Crypto Advocates, 5 Other Stablecoins Slip Below Parity

March 11, 2023 Bitcoin.com

Banking

On Saturday, March 11, 2023, crypto advocates are concerned as a few stablecoin assets have depegged from their $1 parity. The second-largest stablecoin USDC, issued by Circle Financial, fell below $0.90, reaching a low of $0.877 per coin. Additionally, around five other stablecoins have dropped below the U.S. dollar parity during the early morning (ET) […]

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Ebb and Flow of Stablecoin Economy Continues With BUSD’s Market Cap Dropping Below $10 Billion Range

March 3, 2023 Bitcoin.com

Altcoins

The realm of stablecoins is an ever-evolving landscape and the number of coins in circulation for the stablecoin BUSD has fallen below the 10 billion mark to approximately 9.68 billion on March 3, 2023. Over the last 30 days, BUSD’s token supply has dropped 40% lower. In contrast, the number of tethers in circulation has […]

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TUSD Leverages Chainlink Proof of Reserve for Real-Time Verification of Stablecoin Minting

February 23, 2023 Bitcoin.com

Altcoin issuance

On Wednesday, the stablecoin project Trueusd announced that it is leveraging Chainlink Proof of Reserve (POR) technology to provide real-time verification for the minting of trueusd tokens. The trueusd crypto asset has a circulating supply of over 968 million tokens and is the sixth-largest stablecoin by market capitalization. Archblock Uses Chainlink to Verify Reserves Before […]

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Tron’s USDD Stablecoin Experiences Fluctuations Again, Drops Below $1 Parity in Early 2023

January 11, 2023 Bitcoin.com

anxiety

The Tron-based stablecoin USDD fell below $1 parity again during the first week of 2023 and on Jan. 10. Four days ago, the stablecoin dropped to $0.972 per unit and on Tuesday, Jan. 10, 2023, USDD slipped to $0.977 per unit. At the time of writing, the Tron-issued stablecoin is trading at 98 cents per […]

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The Stablecoin Economy Shed $28 Billion in 2022 After a Handful of Tokens Lost Their $1 Peg

December 28, 2022 Bitcoin.com

$28 billion erased

2022 has been an interesting year for stablecoin assets as the market capitalization of the entire stablecoin economy lost just over $28 billion in value. Moreover, more than $3 billion has been erased from the stablecoin economy during the last 23 days as BUSD shed roughly 23.3% during the last month. Over $3 Billion in […]

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