Year-to-date Ethereum stablecoin total market capitalization drops from $100 billion to $76 billion

Odaily Planet Daily News Tom Wan, an analyst on the 21co chain of 21Shares parent company, tweeted that since the beginning of the year, the total market value of stablecoins on the Ethereum chain has dropped from $100 billion to $76 billion, a drop of 24%. The decline in its total market capitalization was mainly due to USDC and BUSD, USDC market capitalization fell from $41 billion to $24 billion (-40%), and BUSD fell from $16 billion to $3 billion (-77%). USDC became the biggest beneficiary, and its market capitalization dominance increased from 32.3% to 51.5%. The market share of TUSD and DAI increased slightly by 0.5%. GHO is currently priced at $0.982 with a 1.8% decoupling. GHO was launched by Aave on July 15th. The reason for the decoupling could be due to its fixed borrowing rate of 1%-1.5%. This could cause borrowers to sell it in exchange for a high-yielding stablecoin, creating significant selling pressure. There are still very few euro stablecoins on Ethereum with a dominance of just 0.8%. While the supply of Circle’s USD stablecoin USDC has decreased, the Euro stablecoin EUROC has increased by 82% YTD. However, Tether’s EURT is still the market leader in the EUR stablecoin market on the Ethereum chain with a 70% dominance. Additionally, the dominance of the pegged stablecoin has increased by 0.7% year-to-date. The stablecoins with the fastest supply growth over the past 30 days are: crvUSD (72%), eUSD (68%), and MIM (27%).