The stablecoin economy was valued at $190 billion on April 11. It was almost around two months ago. It was on its way to topping $200 billion. However, the fiat-pegged token economy has lost $16.31 billion in value since the Terra stablecoin catastrophe.
Stablecoin Dominance has Increased From 9% to 13.8 percent in Just 61 Days. Three stablecoins were among the top ten digital currencies in terms of market valuation for the first time in history. It was tether (USDT), usd coin (USDC), and terrausd (UST) at the time, but that was before the UST collapse.
Three stablecoins remain in the top ten today. Terrausd is no longer in the top ten. The stablecoin economy was valued at $190 billion two months ago on April 11, but it is currently valued at $159 billion.
Tether, usd coin, and terrausd were the top three stablecoins in the top ten highest market cap coins on May 6, immediately before UST de-pegged from the $1 parity. BUSD has joined the top ten rankings today, thanks to the removal of UST.
The entire crypto economy was valued at $2.03 trillion on that day in April. It is now worth around $1.15 trillion. Despite the fact that the UST fallout caused billions of dollars to flee the stablecoin ecosystem, Terra still has a much larger lead than it had when it was nearing $200 billion.
Stablecoins also account for a significant amount of trade volume; at the time of writing. Fiat-pegged tokens had $46.1 billion in trade volume, compared to $71.6 billion for all crypto assets combined. According to the data, stablecoin pairs account for 64.38 percent of all digital currency exchanges today.
Tether (USDT) trades, for example, account for 60.26 percent of bitcoin (BTC) global trade volume, whereas BUSD accounts for 10.05 percent.
