The market capitalization of the cryptocurrency industry has increased by 41.77% to $1.17 trillion at the moment. However, the value of the stablecoin market fell by $7.3 billion in 2023 as a result of redemptions of more than $7.3 billion in USDC and BUSD. TUSD has a market cap of $2.04 billion, and Tether (USDT) has a market cap of $82.95 billion. These two cryptocurrencies have managed to balance these losses with growth. The market for dollar-pegged tokens has significantly declined and is now only worth $10.77 billion.
Stablecoin Economy Shrinks by $7.3 Billion in 2023, USDC and BUSD Record Mass Redemptions