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The market value of stablecoins continues to decline, and since January 2022, $28.08 billion has left the stablecoin market. Archival data show that on January 5, 2022, the economy of stablecoins was estimated at $167.08 billion, and today it is estimated at $139.06 billion, or 16.77% lower than in the first week of the year
The economy of the stablecoin market has not been this low in dollar terms since October 23, 2021 or about 14 months ago. In January 2022, the market capitalization of Tether (USDT) was about $77.14 billion, and today it has dropped to $66.25 billion.
The capitalization of the USD token (USDC) 14 months ago was $42.74 billion, and this week it is approximately $44.28 billion. BUSD's market capitalization was $14.28 billion as of January 5, 2022, and TerraUSD's (UST) market valuation was approximately $10.19 billion.
On December 28, 2022, BUSD's market capitalization increased to $17.16 billion, but UST's valuation was lowered to the current $215 million. UST was one of many stablecoins that canceled the peg to the US dollar this year.
This month alone, the stablecoin economy lost $3.08 billion in value, sliding from $142.07 billion to the current $138.99 billion. As of December 5, 2022, BUSD's market capitalization was about $22.08 billion, which is more than 22% higher than the current $17.16 billion.
356 days ago, on January 5, the stable Makerdao DAI coin had a market value of about $9.07 billion, which is 43.55% higher than the current value of DAI at $5.12 billion. Below the DAI stablecoin are the FRAX, Pax Dollar (USDP), TrueUSD (TUSD), USDD and Gemini dollar (GUSD) tokens tied to the dollar.
Stablecoins that have been downgraded in several positions include dollar-linked coins such as Magic Internet Money (MIM), Liquidity USD (LUSD), Fei USD (FEI), and the Neutrino USD (USDN) token. The once stable USDN is currently trading at the rate of $0.448 per unit after the cancellation of the peg to the parity of $ 1 on November 7, 2022.
Another former stable coin that also lost its peg is HUSD, which abandoned the parity of $1 on October 27, 2022. Currently, one HUSD token is trading at $0.14.
In addition, the flexUSD (FLEXUSD) stablecoin has also lost its dollar peg this year. FLEXUSD is now trading at $0.25 per unit.
On December 5, 2022, stablecoins represented $60.74 billion out of $107.29 billion in the 24-hour trading volume recorded that day, which corresponds to 56.61% of all transactions of the cryptocurrency market. 23 days later, the volume of global trade in stablecoins is much lower and amounts to $37 billion, while stablecoins account for $29.92 billion, or approximately 80.86% of transactions committed on December 28, 2022.
