Stablecoins – Growing Again

The decline of the combined market cap of the three largest stables started with Tether at the time when the implosion of Terra/Luna happened. While USDT was falling, the market cap of USDC received a last push higher.

USDT ATH market cap $91 billion , on 21.12.23
USDC ATH market cap $56,2 billion, 01.07.22 down to $24,8 billion on 21.12.23
BUSD ATH market cap $23,5 billion, 15.11.22 down to $1,1 billion on 21.12.23

Chronological order of events:

• UST - 09.05.22 – Depegging of UST (now USTC)
• Celsius - 13.06.22 – Celsius suspended customer withdrawals
• Three Arrows - 16.06.22 – Hedgefund failed to meet margin calls
• Voyager Digital - 01.07.22 – Voyager Digital suspended customer withdrawals
• CZ Tweet - 06.11.22 – Binance CEO announced to sell all FTT tokens (native currency of FTX)
• Silvergate - 05.01.23 – Silvergate’s depositors withdraw over $8 billion in funds
• Genesis - 20.01.23 – Genesis files for Chapter 11 bankruptcy
• Paxos - 13.02.23 – The SEC sends a Wells Notice to Paxos (the issuer of the Binance USD stablecoin on Ethereum)
• SVB - 10.03.23 – bank run on Silicon Valley Bank
• Binance - 21.11.23 - $4 bln fine for Binance

The combined market cap of the three top stablecoins has been rising again since the beginning of October 2023.

Daily market data from coingecko

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