Subscribe to our Telegram channel
Bloomberg analysts named two stablecoins that fell to a two-year low
Bloomberg analysts reported that the total market capitalization of stable digital assets fell to $ 123.8 billion in September, the worst figure since 2021.
The decline in the market capitalization of stablecoins from $ 137.9 billion recorded in December 2021 was accompanied by a general decline in trading in digital assets on centralized exchanges. For example, the trading volume of stablecoins on the main US crypto exchange Coinbase fell by 28.4% to $ 331 billion in September, the lowest monthly figure since July 2020.
Bloomberg experts noted that, in addition to the decline in the market capitalization of stablecoins, the market is witnessing a change in the weight shares of competing assets. While the USDC and BUSD stablecoins are losing ground, the leader, Tether (USDT), has strengthened its dominance. USDT now accounts for 67.3% of the total stablecoin market, which is the highest figure since March 2021.
Earlier, Tether reported an increase in customer receivables to $ 5.5 billion. Experts from The Wall Street Journal announced that the company’s inconsistent credit policy is a serious concern and entails potential risks for the entire crypto industry.
As a reminder, according to Bitfinex analysts, the cryptocurrency industry lost more than $ 55 billion in August. The researchers made their conclusions based on the total realized value of BTC and ETH, as well as the five largest stablecoins: USDT, USDC, BUSD, DAI, and TUSD. Capital outflows have affected the available liquidity of the flagship cryptocurrency, stablecoins, and the main altcoin. «An in-depth study of the data revealed a new trend — capital outflows have been observed in the industry since the beginning of August. August was the worst month for bitcoin since November 2022. Bitcoin’s capitalization decreased by 11.29%,» the Bitfinex report said.