Stablecoins' Market Cap Falls to Lowest Level in 18 Months | Stablecoins Report - March 2023
In this video, we discuss the recent decline in stablecoins' market capitalization, which has reached its lowest point in 18 months. The decline is attributed to the depegging of multiple stablecoins following the collapse of Silicon Valley Bank, a cryptocurrency-friendly bank that held $3.3 billion of USDC's reserves within it. The decline has also impacted stablecoin dominance in the market, which fell from 12.6% to 11.4%. However, stablecoin trading volume reached $51.9 billion on March 14 after the Federal Deposit Insurance Corporation stepped in, ensuring that the $3.3 billion of USDC's reserves would not be lost. Despite the decline, TUSD's market capitalization experienced a significant surge of 82.6% in March, reaching $2.04 billion, which can be attributed to Binance's decision to resume trading pairs for TUSD on its platform. Finally, USDT maintained its position as the dominant stablecoin with a market dominance of 57.5%.
Stablecoins' Market Cap Falls to Lowest Level in 18 Months | Stablecoins Report - March 2023
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Why Stablecoins’ Market Capitalization is at Its Lowest Level
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