![]() ![]() It also never in fact lost its peg to the dollar, except for very brief moments, and with minimal deviations occurring only on a few exchanges with low liquidity. It is now down slightly to 72.4 billion, due to USDC‘s partial recovery. On the contrary, during these early months of 2023 its market capitalization rose from $66 billion to yesterday’s annual peak of $74 billion. So in the end only USDT had no problems, among the major stablecoins. ![]() Over the weekend, however, the bankruptcy of Silicon Valley Bank, where the USD Coin issuer (Circle) held some of its reserves, sent USDC’s value plunging to $0.84, although it has since recovered some of its peg to the dollar to $0.99.Ī similar dynamic has befallen DAI, whose market value trend has followed that of USDC. Since BUSD redemptions are continuing, with related token burns, while no new tokens are issued, it is extremely likely that this contraction will continue.Īt that point three major stablecoins remained: USDT, USDC and DAI. It should be mentioned that Binance USD is not issued by Binance, but by Paxos, which has been forced to stop issuing new BUSD tokens.Īnd so, in the absence of new issuances, as of February 13, BUSD’s market capitalization has halved from $16 billion to $8 billion. authorities got in the way and put its issuer under investigation. There were four left, but in February BUSD also began to have problems.īUSD, or Binance USD, is fully collateralized in dollars or dollar equivalents, but the U.S. With the collapse of Luna, the UST stablecoin and the entire Earth ecosystem collapsed as well. In May 2022 UST imploded, because it was not collateralized in dollars or equivalent, but was an algorithmic stablecoin collateralized in Luna. ![]() Until last year, there were five major stablecoins, all pegged to the U.S. Comparison with other stablecoins, Tether has the upper hand. ![]()
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