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Tether USDT’s market dominance has risen to its highest level since November 2021, according to DeFillama data. Binance-backed BUSD, on the other hand, saw its supply drop by about $2 billion over the past 30 days.
According to DeFillama Information, the top three stablecoins control about 92% of the market. USDT dominates stablecoin In the crypto space, its dominance stands at 49.18%, while stablecoins like Circle US dollar currency It has a market dominance of 31.05%. BUSD’s dominance was 11.52% as of press time.
Stablecoin’s market cap drops to $137 billion
A recently published stablecoin report by CryptoCompare stated that the total market capitalization of stablecoins this January has fallen to $137 billion for ten consecutive months. The report added that stablecoins have a low market cap from 2021 onwards.
As stated therein Report, USDT’s market capitalization increased by 0.82% to $66.7 billion, while its significant rivals USDC and BUSD fell by 2.27% and 3.97% to $43.1 billion and $16.1 billion, respectively. Meanwhile, lesser-known stablecoins like True USD (TUSD) and failed algorithmic stablecoin TerraClassicUSD (USTC) rose 24.5% and 13.1% in market capitalization to $940 million and $225 million, respectively.
BUSD had a troubled January
A Binance-backed stablecoin experience Volatile Reports of mismanagement emerged last month.
Bloomberg reported On January 10, sometimes mismanagement left more than $1 billion in collateral in BUSD’s reserves. Besides that, the exchange led by Changpeng Zhao agreed It holds its BNB SmartChain and BNB BeaconChain tokens in parallel in the same wallet as customer funds.
These revelations fueled FUD surrounding the exchange as users withdrew their assets en masse. BeinCrypto reported Binance’s outflow rose 25% in less than two months. According to the report, the jumps were led by its Baxos-issued stablecoin BUSD and native BNB coin.
Meanwhile, amid all the uncertainty, Binance’s CZ insisted that the exchange should have a healthy balance book. Recently the CEO He tweeted that Traditional financial institutions may face “existential implications” in twenty years as they reduce their exposure to crypto due to the failure of recent crypto projects.
Refusal
BeInCrypto has reached out to the company or person involved in the story to get an official statement on the latest developments, but has yet to hear back.
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