redemptions – DIGIT INFO

Stablecoin Market Sees PYUSD Supply Swell While USDE Shrinks With Redemptions

DIGIT — Tue, 06 Aug 2024 20:10:00 +0000

Over the past 12 days, the stablecoin economy has maintained a similar value, yet the supply of dollar-pegged crypto assets PYUSD and USDE has experienced notable shifts. Over the last 22 days, Paypal’s PYUSD supply increased by more than 70%, while Ethena’s USDE saw an 8.82% decrease within the past 13 days. Ethena’s USDE Drops […]

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Tether’s Market Cap Inches Towards All-Time High as Competitors Struggle With Redemptions

DIGIT — Sat, 13 May 2023 18:34:57 +0000

Despite several U.S. dollar-pegged digital tokens experiencing notable redemptions in recent months, the largest stablecoin by market valuation, tether, is on the verge of achieving its highest-ever market capitalization. With a current value of $82.84 billion, tether is a mere $433 million shy of reaching its all-time high (ATH) set on May 8, 2022. Stablecoin […]

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Texas House Advances Gold-Backed Digital Currency Bill

DIGIT — Sat, 06 May 2023 06:04:57 +0000

Texas has taken its first steps in order to approve a bill that would issue a 100% gold-backed digital currency. If enacted as law, the bill, which is being discussed by a Texas House committee, would create an electronic system for users to transact and pay with this digital currency and would also allow them […]

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Tether Grows 2.3% as Stablecoin Economy Loses $2.4 Billion in Value Since March 31

DIGIT — Tue, 25 Apr 2023 16:35:04 +0000

While several top digital assets have decreased in value against the U.S. dollar over the past month, the stablecoin economy has lost $2.4 billion in value since March 31, 2023. Four of the top five stablecoins experienced net redemptions over the last 30 days, except for tether, which grew by 2.3% during that time. Four […]

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Stablecoin Supply Plummets After Depegging Event: $7.4B Dollar-Pegged Tokens Withdrawn From Circulation

DIGIT — Fri, 17 Mar 2023 18:30:14 +0000

During the past 11 days, over 7 billion USDC stablecoins have been withdrawn from circulation, with most of the redemptions occurring following the depegging event of USDC on March 11, 2023. Furthermore, since March 6, a total of 439.48 million BUSD stablecoins have been redeemed. Stablecoin Depegging Event Triggers Billions in Redemptions The stablecoin landscape […]

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Circle CEO ‘able to access’ $3.3B of USDC’s reserves at Silicon Valley Bank

DIGIT — Wed, 15 Mar 2023 02:02:04 +0000

Circle’s earlier disclosure that $3.3 billion worth of USDC reserves were held with Silicon Valley Bank resulted in it losing market share to its competitor USDT.

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Redemption and Reshuffling: BUSD’s Exit From Top 10 Cryptocurrencies Shakes Market Valuations

DIGIT — Mon, 06 Mar 2023 14:30:53 +0000

It has been 21 days since Paxos revealed that it would no longer mint the stablecoin BUSD. Since then, over 7 billion BUSD stablecoins have been redeemed. Prior to the announcement, BUSD was once a top-ten crypto asset. However, the top ten cryptocurrencies by market valuation have changed since the redemptions. Presently, there are only […]

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Binance Increases USDC Holdings as BUSD’s Market Cap Slides Lower

DIGIT — Tue, 21 Feb 2023 21:30:26 +0000

Eight days ago, Paxos announced that the company would no longer mint the stablecoin BUSD. Since then, the coin’s market capitalization has been sliding lower as redemptions have become more prominent. Meanwhile, a data researcher from Nansen has discovered that Binance, the largest cryptocurrency exchange by trade volume, has increased its usd coin holdings by […]

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Nearly 3 Billion BUSD Stablecoins Have Been Removed From the Market in 6 Days

DIGIT — Sun, 19 Feb 2023 23:30:35 +0000

Six days ago, a few hours before the blockchain infrastructure platform Paxos announced it would no longer mint BUSD stablecoins, $2.86 billion worth of BUSD were redeemed. Currently, Binance is the most active exchange trading BUSD tokens, and the stablecoin still commands roughly 10.7% of the crypto economy’s $67.71 billion in global trade volume over […]

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Stablecoin Market Sees Supply Increase for Tether as Competitors Decline in Light of Recent Regulatory Developments

DIGIT — Tue, 14 Feb 2023 14:00:51 +0000

While the stablecoin market has seen significant redemptions in the past three months, the supply of tether, the largest stablecoin by market capitalization, has increased by 2.46 billion since mid-November 2022. Tether is the only one of the top five stablecoins by market valuation that has seen a supply increase in the past three months. […]

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