While several top digital assets have decreased in value against the U.S. dollar over the past month, the stablecoin economy has lost $2.4 billion in value since March 31, 2023. Four of the top five stablecoins experienced net redemptions over the last 30 days, except for tether, which grew by 2.3% during that time.

On March 31, 2023, the top stablecoins by market capitalization represented $133.63 billion in value, and now the valuation is down to $131.21 billion. A total of $2.4 billion worth of stablecoins has been withdrawn from the stablecoin economy since then. Data reveals that over the past 30 days, USDC, BUSD, DAI, and TUSD have all seen redemptions. Usd coin’s (USDC) circulating supply dropped 10.2% compared to last month, and binance usd (BUSD) fell by 20.6%. Of the top five largest stablecoins, both USDC and BUSD experienced the most redemptions.

Further, DAI’s circulating supply slipped 9% lower in 30 days and TUSD’s supply decreased by 0.7%. Tether (USDT), however, grew 2.3% since last month, reaching a market capitalization worth $81.39 billion. Tether’s market valuation accounts for 61.65% of the entire stablecoin economy’s $131.21 billion value. While tether’s supply grew by 2.3%, pax dollar (USDP) rose by 33.9% since last month.

(by Jamie Redman)