Over the past 30 days, the fiat currency-backed token market has been in a difficult position. For example, the supply of Tether (USDT) increased by 0.5%, while that of USD Coin (USDC) decreased by 4.3%.
DAI, the third-largest steblicoin by market capitalization, decreased issuance by 1.3%, while Trueusd (TUSD) added 6.5%. BUSD, ranked fifth, recorded a significant 15.5% decrease in supply.
BUSD’s market capitalization is currently hovering around $2.13 billion, but it could fall below $2 billion. Over the last USDD issued on the Tron network remained unchanged, while FRAX posted a slight gain of 0.5%.
Pax Dollar (USDP) was less fortunate as it lost 7.2% of its supply, while crypto market newcomer First Digital Usd (FDUSD) witnessed an 18.7% surge in supply. As of October 13, 2023, the new Paypal (NASDAQ:PYPL) stablecoin was ranked 13th with 119 million coins in circulation.
On the morning of October 13, stablecoins represented 22.96% of the $62 billion global trading volume, a stark contrast to the 74% seen on October 12. The figure thus fell by $34.13 billion.
Particularly affected this week was the little-known USDR stablecoin, which is now trading at half its previous parity of $1. This once-stable coin, managed by Tangibledao, lost its peg on October 11 and has yet to recover. And while the project team has promised to fix the problem, so far the situation has not changed significantly.