In the brief span from July 12, 2023 to August 6, 2023, the stablecoin economy witnessed a staggering loss exceeding $1.53 billion in value. Among the premier ten stablecoins, Pax’s pax dollar (USDP) experienced a redemption of 39% of its supply over the preceding 30 days.
Unstable Times for Stablecoins: Major Players Hit with Sweeping Redemptions
Resembling the descending rhythm of a limbo contest, the stablecoin market keeps spiraling lower. In the timeframe between July 12, 2023 and August 6, 2023, a substantial wealth evacuated the stablecoin market. Bitcoin.com News chronicled the situation in the stablecoin economy on July 12, noting that the ten days prior had seen an exodus of $890 million. The ensuing 25-day period was marred by continued redemptions, resulting in $1.53 billion being redeemed and vanishing altogether. Six of the top ten stablecoins by market valuation endured supply losses over the last 30 days.
Defying the trend, tether (USDT) emerged as one stablecoin that
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