HomeCrypto NewsAltcoinTotal stablecoin supply plummeted for the first time in Q2 2022

Total stablecoin supply plummeted for the first time in Q2 2022

- Advertisement -

These three stablecoins represent 93% of the stablecoin market cap

According to data analysis firm Coinmetrics, the total stablecoin supply fell by the most in history during the second quarter of 2.

Lucas Nuzzi, head of research and development at CoinMetrics, presented a chart showing the total stablecoin supply as of January 1.

- Advertisement -

“For the second quarter of this year, it was the first time in stablecoin history that total supply fell sharply,” Nuzzi said. Even if we exclude the UST, more than 2 billion have been bought back directly from the coffers of major issuers.”

The list on the chart includes TOUGH, UDST , OMNI and TRON, SAI, USDK, PAX. While USDC of Circle and BUSD of Binance are aggregated in a separate chart. UST is not included in the chart.

Nuzzi noted that Tether saw the most buybacks of all centralized stablecoin issuers, with 7 billion of the total USDT supply wiped out in April and May.

“The recent drop in the supply of USDT suggests that an institution or a small group has been behind the impact,” he said.

Another project is MakerDAO's DAI, with 40% of the supply being "shut down" due to market correction.

USDC and BUSD also saw a sharp drop in supply of around 5 billion in May, however, both have since recovered and are close to returning to all-time highs of around 5 billion and 65 billion respectively.

5/5 - (1 votes)
- Advertisement -

Maybe you are interested

Former Ripple Labs Co-Founder Is Running Out Of XRP To Sell

After years of dumping billions of XRP, Jed McCaleb, former co-founder and CTO of Ripple Labs is left with just one...

These are the small cap Altcoins that whales are expecting to rise in price

As large-cap coins continue to suffer losses, Ethereum whales have now shifted their focus to coins...

FBI investigating Horizon's $100 million hack

The Federal Bureau of Investigation (FBI) and multiple cybersecurity firms have begun investigating the $100 million hack...

According to Santiment, whales are massively accumulating this altcoin

Cryptocurrency analytics firm Santiment says whales are now entering their sixth week of accumulation...

Fed Chair: 'We don't see significant macroeconomic impact from crypto sell-off'

Federal Reserve Chairman Jerome Powell said that the central bank "didn't really see the effects...

Related posts

- Advertisement -