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Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
USDT

Over $10 Billion Pulled From USDT As Stablecoin Crises Continues

Best Owie
by Best Owie
3 years ago
·
Posted in Stablecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The uncertainty around stablecoins had begun with the UST crash and inevitably spilled unto others such as USDT. This uncertainty has continued to linger weeks after the crash leading to investors moving out of stablecoins. The aftermath of the UST crash has left USDT as the most challenged stablecoin in the space and has seen billions redeemed in just a matter of weeks. 

$10 Billion Leaves USDT

In the past two weeks, investors have pulled more than $10 billion out of USDT. This has seen the market cap of the digital asset fall to $75 billion over the course of two weeks. Most of this has been from fear arising from UST which had lost its peg and fallen to $0.06 where it is currently trading. As a result of this, a number of investors had lost billions of dollars over the last couple of weeks.

Related Reading | Another Stablecoin Takes A Bow Following UST Crash

The crash had drawn further regulatory scrutiny regarding stablecoins and their ability to not only maintain their peg but protect investors in the process. Do Kwon, founder of the Terra Network, has been at the center of this scrutiny as the South Korean government tries to figure out what went wrong.

USDT continues to be the subject of various challenges in the market. Initially, it succumbed to these challenges when its value fell to $0.95 losing its peg. It had recovered soon after. However, the damage was done as more than $1 billion had been withdrawn from USDT on Friday alone.

USDT total market cap chart from TradingView.com

USDT loses $10 billion in two weeks | Source: Market Cap USDT on TradingView.com

Stablecoins Still In The Game

Despite all of the challenges from recent times, most stablecoins have still managed to hold their ground. The biggest ones such as USDT, USDC, and BUSD are still doing quite well and are still favored among investors looking for cover from the extreme volatility of the crypto market. 

As of the time of writing, stablecoins still feature heavily in the top 10 cryptocurrencies by market cap, clenching three out of 10 spots. USDT which has been the worst hit in the aftermath of the UST crash still maintains its position as the largest stablecoin in the market at $73.2 billion. This also makes it the third-largest cryptocurrency by market cap, falling behind only Bitcoin and Ethereum.

Related Reading | Do Kwon Warns Terra Community Not To Use LUNA Burn Address

USDC and BUSD are also maintaining their hold in their various positions. Circle’s USDC is the second-largest stablecoin and fourth-largest cryptocurrency by market cap at $53.2 billion. Binance USD is currently trending at $0.9995 which puts it at a market cap of $18.3 billion. This market cap puts it ahead of market favorites such as Cardano, Solana, and Dogecoin. 

However, USDC is the only stablecoin out of the three that continues to maintain its $1 value. Both USDT and BUSD are still trading below the $1 mark, including DAI, a decentralized stablecoin.

Featured image from TODAY, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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