USDC and USDT — two renowned stablecoins backed by the fiat currency, USD witnessed quite a few tussles over the years to stand at the #1 mark. While the latter still holds the trophy, USDC participated in many ‘highs’ to at least try to give a tough fight for the trophy. Bloating Hollow sphere Circle […]
Well, NOT really. The total supply of the stablecoin USD Coin declined from $55.55 billion to ~$45 billion in the last 90 days, based on data from DeFiLlama. Zooming out, the USDC supply dropped by about $9 billion since early July.This marked the highest volume of USDC destroyed by Circle in any 90-day period. On the other hand, Tether supply witnessed a rise within the same period. Furthermore, USDT’s circulating supply was up by more than $2 billion since early July.
Regardless of whoever was leading the race, dark clouds had arrived over stablecoins and their respective members. The entire space felt a negative impact from the failure of the algorithmic stablecoin UST and Terra’s native token, LUNA. Meanwhile, theon stablecoin borrowing and lending on decentralized protocols , such as Aave also fell sharply.
Back in May, the annual variable percentage rates on Binance USD, USD Coin, and DAI loans stood around 3.5%. Their APRs have since fallen to about 1.5%. Furthermore, the percentage of stablecoins taken out as loans versus total supplied fell to around 30% to 40%, whereas the optimal levels for the protocols stood at about 80%.Read the best crypto stories of the day in less than 5 minutes
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