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Top 4 Stablecoin Supply Slides $37B as USDC and BUSD Shrink

2 mins
Updated by Kyle Baird
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In Brief

  • Top four stablecoins have shrunk 23% from peak levels.
  • $31 billion has been cut from USDC and BUSD.
  • Stablecoins represent 10% of the total crypto market.
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Stablecoin market share is in decline as three of the top four dollar-pegged assets continue to shrink in circulating supplies.

Stablecoin supplies are shrinking as their overall market share continues to decline. Furthermore, the aggregated valuation of the top four stablecoins has been falling this year.

According to Glassnode, the market capitalization of the top four stablecoins has fallen by $37 billion, or 23% from its peak of $161 billion.

The majority of these declines have been the shrinking supplies of Circle’s USDC and Binance’s BUSD.

USDC supply has fallen by $20 billion, and BUSD supply has lost $11 billion since their respective peaks, according to Glassnode.  

Even Tether (USDT) and Dai have seen sliding supplies of $1.3 billion and $4.4 billion, respectively.

Top 4 stablecoin supplies – Glassnode
Top 4 Stablecoin Supplies – Glassnode

Stablecoin Market Share Falls to 10%

The current market cap of all stablecoins is $132.3 billion, according to CoinGecko. This has also fallen by more than 20% since its peak level.

Additionally, stablecoins currently represent around 10.4% of the total crypto market capitalization. This market share has fallen by more than 50% since its peak.

With crypto market capitalization increasing this year, liquidity appears to have shifted into Bitcoin (BTC) and Ethereum (ETH).

The top four stablecoins currently account for almost 94% of the total. However, the fall in USDC and BUSD has been good news for Tether’s market dominance which is currently 61.5%.

Furthermore, the Tether printers have been working overtime, adding around $15 billion to the USDT supply this year. Tether’s supply is currently 81 billion USDT, close to its all-time high of 83 billion in May 2022.

Other stablecoins that have increased supplies over the past month include Pax Dollar (USDP). There has been a 40% increase in circulating USDP since the beginning of April, pushing its supply to just over 1 billion.

Gemini Dollars (GUSD) has also increased its supply over the past month by 12% to $440,000. However, these represent a tiny proportion of the overall stablecoin ecosystem.

Top ten stablecoins - CoinGecko
Top Ten Stablecoins – CoinGecko

Crypto Market Corrects

The total stablecoin market share will have increased over the past 24 hours as crypto markets decline by 4.5%.

The total market cap is currently $1.26 trillion following a $65 billion crypto exodus over the past day. However, markets have been due a correction following weeks of bullish momentum.

Bitcoin has been beaten by resistance at the $30,000 level. As a result, the king of crypto has fallen 4.7% on the day to trade at $28,861 at the time of writing, according to BeInCrypto.  

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Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...