Altcoin News- The stablecoins are going low and belong to their peg.
- The market cap of stablecoin as of now is above $150 billion.
The stablecoins in the cryptomarket are in total wobble, post the disastrous fall of TerraClassicUSD (USTC). One among those stablecoin is USDD by TRON DAO. The coin has been trading in red for the past month and the coin hit its All Time Low (ATL) on June 19.
The stablecoin started to depeg from $1 by the middle of last month. The current price value of USDD is $0.9523, at the trading volume for the last 24 hrs is $131.37 M. The TRON USDD’s current collateralization rate is 322.79%. The total collateral as of now is more than $2 billion.
Stablecoin Market Cap
The stablecoin as a whole holds a market cap above $150 billion, this implies that risk-takers in the cryptomarket are pretty high. Lark Davis, the famous crypto advocate, tweeted stating the major number of capital are sidelined as of now.
There is 150 billion sitting in stablecoins, which is about 150X more than in 2017 when #bitcoin was at the same price.
That means there is A LOT of dry powder sitting on the sidelines right! pic.twitter.com/Jc7IHnrHAM
— Lark Davis (@TheCryptoLark) June 20, 2022
The tweet also states the fact that the hold on stablecoin is 150 times more than the hold on BTC at a similar price in 2017. The market cap of USDD is $691 million , which is 0.445% in the stablecoin pool.
One more fear is that the liquidity may not be enough if people decide to cash at present and the employment of these can be further seen as a utility. Another sector feels that traders have become smart enough to safeguard their investment. The collaterals and staking using stable provide more functionality.
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Source: https://thenewscrypto.com/not-so-stable-stablecoins-usdd-hits-all-time-low/