Drawing from the latest figures, the stablecoin economy saw a notable $1.52 billion in redemptions unfold from September 1 through September 30, 2023. Within the top ten standings, two stablecoins notably bore the brunt of these redemptions: FRAX and BUSD. The two assets saw their supplies erode by 16.9% and 26.4% respectively, over the span of 30 days.
$1.52 Billion Evaporates from Stablecoin Realm in 30 Days
The realm of fiat-pegged cryptocurrencies, predominantly comprised of USD-backed stablecoins, has persevered in its trajectory of contraction, hovering just above the $123 billion benchmark as of September 30, 2023.
A glimpse at archived figures unveils that a mere 30 days earlier, on the first day of September, the stablecoin economy boasted a much larger valuation of $124.57 billion. This underscores that across the stretch of September, a cumulative value of $1.52 billion was wiped off the slate.
Tether’s supply nudged 0.5% upward in September, rounding off the month with an
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