ССData – Stablecoins & CBDC

The total market cap of stablecoins has continued to decline for the 18th consecutive month, dropping 0.63% to $124 billion in September.

This marks the lowest market cap since August 2021. The dominance of stablecoins in the market also fell from 11.8% in August to 11.6% in September. In other news, Binance has announced its plans to gradually end support for BUSD, another stablecoin, by February 2024. The market cap of BUSD has been declining for 10 consecutive months, dropping 19.1% to $2.49 billion in September. This has led to a decrease in the number of trading pairs for BUSD on Binance, which has gone from 319 to 224 since the beginning of the year. With the delisting of BUSD, the FDUSD stablecoin has seen an increase in trading volume, reaching $4.61 billion in September. Currently, only 10 trading pairs are active for FDUSD on Binance, with BTC-FDUSD accounting for 86% of the volume. Huobi dominates the trading volume for PYUSD, another stablecoin, accounting for 57% of the volumes. It listed the asset on September 7th, contributing to the increase in trading volumes for PYUSD on centralized exchanges, which totaled $8.46 million in September.