Just as it caused carnage in the crypto economy, Terra’s recent downfall has caused a great shift within the stablecoin ecosystem.
It was only a week ago when the stablecoin economy was awfully close to surpassing the $200 billion mark, butchanged all that. Terra’s once stable token terrausd was once the third-largest stablecoin in existence until it lost its $1 parity. The token that’s supposed to be pegged to a U.S. dollar’s value is now trading for under $0.20 per unit. Still, the market valuation makes it the sixth-largest market cap in coingecko.
During the last month, out of the top ten stablecoins by market valuation, none of the stablecoin projects saw growth.dipped by 0% over the last 30 days, while all the other top stablecoins saw 30-day declines. BUSD is now the third-largest stablecoin token today with a $17.3 billion market capitalization and BUSD has also stepped into the top ten crypto coins by market cap, taking the ninth position among 13,000+ coins.
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