{"id":520743,"date":"2023-02-23T14:37:45","date_gmt":"2023-02-23T14:37:45","guid":{"rendered":"https:\/\/wncen.com\/?p=520743"},"modified":"2024-06-11T14:32:46","modified_gmt":"2024-06-11T14:32:46","slug":"stablecoins-continue-to-slump","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/stablecoins-continue-to-slump\/","title":{"rendered":"Stablecoins Market Cap Continues To Slump – Here’s Why"},"content":{"rendered":"

Stablecoins<\/span><\/a> are cryptocurrencies built to withstand the market\u2019s volatility as it is backed by a specific asset. In the case of most stablecoins, the US dollar backs the cryptocurrency, pegging the coin\u2019s value to one USD.<\/span><\/p>\n

Investors use stablecoins regularly as a medium of exchange in both decentralized exchanges and centralized exchanges, providing them a quick way to carry out their trading activities.\u00a0<\/span><\/p>\n

However, a recent <\/span>report<\/span><\/a> by CryptoCompare shows that although investors still recognize the utility of stablecoins, their market capitalization has consistently dropped since hitting its peak back in April of 2022. This shows the market reacting negatively with recent external developments surrounding these asset types.\u00a0<\/span><\/p>\n

Related Reading: This Little-Known Altcoin Shoots Up 180% In Single Week After Series Of Updates<\/a><\/div>\n

A Dash Of Pain And Sweet Developments\u00a0<\/strong><\/h2>\n

Just last week, Paxos, the issuer of Binance\u2019s BUSD, was <\/span>hit<\/span><\/a> by charges by the Securities and Exchange Commission with the New York State Department of Financial Services ordering the company to stop the issuance of BUSD. This development deals a massive blow for investors and traders who are using these digital currencies as a means of transacting in the crypto space.\u00a0<\/span><\/p>\n

Going against the United States\u2019 stance on stablecoins, governments around the world have been <\/span>experimenting<\/span><\/a> with the concept of CBDCs, or central bank digital currencies. These are a type of digital currencies issued by a governing body with the same legality and regulation as traditional fiat currencies.\u00a0<\/span><\/p>\n

\"stablecoins\"Image: CoinGeek<\/pre>\n
However, with some losing dominance in the space, USDT, Tether\u2019s official stable coin, has risen in its dominance in the space. The <\/span>report<\/span><\/a> shows that its dominance rose from 48.7% to 51.7%, being one of, if not, the most dominant in the space. This most recent change is attributed to the recent regulatory actions against BUSD.\u00a0<\/span><\/p>\n
Decentralized Stablecoins Take The Spotlight – Will They Gain Dominance?\u00a0<\/strong><\/h2>\n
The decline of stablecoins issued by centralized entities sets the spotlight on these decentralized currencies. <\/span>CryptoCompare<\/span> recorded a nearly 1% increase in decentralized stablecoin market cap, a continuance of a three-month long increase. However, the market share of decentralized stablecoins is currently at 6.38%, a long shot since the sector\u2019s all-time high of 18.3%.\u00a0<\/span><\/p>\n
Issuers of decentralized stablecoins also experienced big gains with Curve showing a 36% increase in price. However, this recent event may not last for long as algorithmic stablecoins are facing regulatory scrutiny. With Canada <\/span>banning<\/span><\/a> algorithmic stablecoins, we might see the market share of decentralized stablecoins fall even more.\u00a0<\/span><\/p>\n
<\/p>\n
Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.com<\/a><\/pre>\n
Related Reading: As Chainlink Adoption Grows, Will It Strengthen LINK Price?<\/a><\/div>\n
The recent hawkish regulatory actions by government authorities might ramp up this year. However, with governments around the world looking upon stablecoins as a way to digitize fiat currency, stablecoin regulation might come sooner than we think.\u00a0<\/span><\/p>\n
-Image from Techiexpert.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Stablecoins are cryptocurrencies built to withstand the market\u2019s volatility as it is backed by a specific asset. In the case of most stablecoins, the US dollar backs the cryptocurrency, pegging the coin\u2019s value to one USD. Investors use stablecoins regularly as a medium of exchange in both decentralized exchanges and centralized exchanges, providing them a quick way to carry out their trading activities.\u00a0 However, a recent report by CryptoCompare shows that although investors still recognize the utility of stablecoins, their market capitalization has consistently dropped since hitting its peak back in April of 2022. This shows the market reacting negatively with recent external developments surrounding these asset types.\u00a0 Related Reading: This Little-Known Altcoin Shoots Up 180% In Single Week After Series Of Updates A Dash Of Pain And Sweet Developments\u00a0 Just last week, Paxos, the issuer of Binance\u2019s BUSD, was hit by charges by the Securities and Exchange Commission with the New York State Department of Financial Services ordering the company to stop the issuance of BUSD. This development deals a massive blow for investors and traders who are using these digital currencies as a means of transacting in the crypto space.\u00a0 Going against the United States\u2019 stance on stablecoins, governments around the world have been experimenting with the concept of CBDCs, or central bank digital currencies. These are a type of digital currencies issued by a governing body with the same legality and regulation as traditional fiat currencies.\u00a0 Image: CoinGeek However, with some losing dominance in the space, USDT, Tether\u2019s official stable coin, has risen in its dominance in the space. The report shows that its dominance rose from 48.7% to 51.7%, being one of, if not, the most dominant in the space. This most recent change is attributed to the recent regulatory actions against BUSD.\u00a0 Decentralized Stablecoins Take The Spotlight – Will They Gain Dominance?\u00a0 The decline of stablecoins issued by centralized entities sets the spotlight on these decentralized currencies. CryptoCompare recorded a nearly 1% increase in decentralized stablecoin market cap, a continuance of a three-month long increase. However, the market share of decentralized stablecoins is currently at 6.38%, a long shot since the sector\u2019s all-time high of 18.3%.\u00a0 Issuers of decentralized stablecoins also experienced big gains with Curve showing a 36% increase in price. However, this recent event may not last for long as algorithmic stablecoins are facing regulatory scrutiny. With Canada banning algorithmic stablecoins, we might see the market share of decentralized stablecoins fall even more.\u00a0 Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.com Related Reading: As Chainlink Adoption Grows, Will It Strengthen LINK Price? The recent hawkish regulatory actions by government authorities might ramp up this year. However, with governments around the world looking upon stablecoins as a way to digitize fiat currency, stablecoin regulation might come sooner than we think.\u00a0 -Image from Techiexpert.com<\/p>\n","protected":false},"author":557,"featured_media":520752,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[87294,10768,14702,3631,15241],"class_list":["post-520743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-algorithmic-stablecoins","tag-binance","tag-cbdc","tag-regulation","tag-stablecoins"],"acf":[],"yoast_head":"\nStablecoins Market Cap Continues To Slump Since Last Year<\/title>\n<meta name=\"description\" content=\"Stablecoins are cryptocurrencies built to withstand the market\u2019s volatility as it is backed by a specific asset. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Stablecoins Market Cap Continues To Slump – Here’s Why","url":"http:\/\/wncen.com\/news\/stablecoins-continue-to-slump\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/stablecoins-continue-to-slump\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/a-46.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/a-46.png?fit=759%2C372"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["algorithmic stablecoins","binance","cbdc","regulation","stablecoins"],"dateCreated":"2023-02-23T14:37:45Z","datePublished":"2023-02-23T14:37:45Z","dateModified":"2024-06-11T14:32:46Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Stablecoins Market Cap Continues To Slump – Here’s Why\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/stablecoins-continue-to-slump\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/stablecoins-continue-to-slump\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/a-46.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/a-46.png?fit=759%2C372\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"algorithmic stablecoins\",\"binance\",\"cbdc\",\"regulation\",\"stablecoins\"],\"dateCreated\":\"2023-02-23T14:37:45Z\",\"datePublished\":\"2023-02-23T14:37:45Z\",\"dateModified\":\"2024-06-11T14:32:46Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/a-46.png?fit=759%2C372","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/520743"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=520743"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/520743\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/520752"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=520743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=520743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=520743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}