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Stablecoin Market Navigates Shifting Sands as Tether Announces New CEO and USDR Depegs

The stablecoin landscape has been stagnant for the last two months, barely exceeding $123 billion as we approach the third week of October. Even though fiat-pegged token trading saw a spike this week, on October 13, stablecoin transactions made up 22.96% of the global crypto economy’s trade volume. Just a day earlier, they constituted 74% of all trades.

Turbulent Times Ahead? Stablecoin Valuations and Trade Volumes Fluctuate

Over the past month, the market of fiat-pegged tokens has been challenging. Tether (USDT) experienced a modest 0.5% surge in its supply. Contrastingly, usd coin (USDC) faced a 4.3% cut in its stockpile. DAI, the third-largest stablecoin by market cap, had 1.3% sliced off, whereas trueusd (TUSD) enjoyed a 6.5% uptick. Meanwhile, BUSD, ranking fifth, saw a significant 15.5% reduction in its supply.

Currently, BUSD’s market capitalization teeters around $2.13 billion, flirting with the possibility of dipping below $2 billion. Over the past month, Tron’s remained unchanged, while FRAX enjoyed a subtle 0.5% growth. Pax dollar (USDP) wasn’t so fortunate, shedding 7.2% of its supply, and the newcomer, first digital usd (FDUSD), witnessed an 18.7% supply spike. As of October 13, 2023, Paypal’s fresh-off-the-shelf stablecoin stands as the 13th largest, boasting a circulation of 119 million.

On the morning of October 13, stablecoins made up 22.96% of the $62 billion global trade volume, a stark contrast to the 74% seen on October 12. That Thursday evening, the stablecoin economy momentarily dipped beneath the $123 billion mark, with the global trade volume plummeting to $34.13 billion. In other developments, Tether announced a leadership shift this week: Paolo Ardoino, previously the Chief Technology Officer, will assume the role of CEO come December, with the former CEO, Jean-Louis van der Velde, transitioning to an advisory position.