It appears that the circulation of the stablecoin usd coin has decreased while tether’s has grown, as the latest statistics paint a contrasting picture. Tether saw a 3% increase in coins in circulation over the last month, while the U.S. dollar-pegged crypto asset usd coin recorded a decrease of approximately 4.9% in the same time frame. From Jan. 6, 2023, to Feb. 10, approximately $2.196 billion worth of usd coin was redeemed over the past month.

According to current statistics, the entire stablecoin market capitalization lost $625,009,636 in value from Jan. 6, 2023, up until today. A significant portion of the losses can be attributed to the second largest stablecoin by market capitalization, usd coin (USDC).

Data shows that USDC decreased by 4.9% in approximately 30 days, resulting in a loss of 2.196 billion in overall valuation since Jan. 6. Conversely, Tether saw a 3% increase, mitigating some of USDC’s losses in terms of the overall market capitalization of the entire stablecoin economy.