Thursday, September 28, 2023

The stable side of cryptocurrencies and the solution to Argentine inflation?

This means that theoretically could serve as an alternative to preserving the value of savings in a country where the local currency is constantly devalued. The question arises as to whether they can really beat Argentine inflation given a very volatile crypto market.

Stablecoins: a stable solution in difficult contexts

Despite the low activity recorded in the cryptocurrency market in recent days, with some fluctuations in the price of Bitcoin (BTC), the Stablecoins manage to remain solid and stable.

In fact, the stablecoin economy has remained relatively quiet over the past month, hovering around the $124 billion mark. Therefore, the stablecoin market is showing resilience despite stagnant volumes and redemptions.

The website, which specializes in the crypto ecosystem, reported this The total value of stablecoin tokens reached $123.86 billion.

At the same time, in recent months Stablecoins saw significant redemptions and lower trading volume similar to previous months.

Which stablecoins stand out?

The current stablecoin trading volume of approximately $11.55 billion represents 54.07% of the total trading volume in the entire crypto economy to date.. These numbers reflect not only stability, but also the level of acceptance and use among users.

In this sense, the most famous stable cryptocurrencies on the market are:

  • Tether (USDT): the leading stablecoin by market capitalization, takes first place with $83,050,991,214. Supply rose 0.8% in August.
  • USDC: Its market cap was $26.16 billion and its supply increased by 0.6% in the last 30 days.
  • DAI: Supply is down 1.1% compared to 30 days ago and currently stands at $3.84 billion.
  • TrueUSD: Supply has increased, recording a 12.9% increase in September, increasing its market cap to $3.1 billion.
  • Binance USD (BUSD): has seen a significant 23.8% decline in supply so far in September, falling below the $3 billion mark. With a market cap of $2.49 billion, it is now the fifth largest stablecoin by valuation.
  • USDD, from Tron: rose 0.7% to $724 million.
  • Pax Dollar (USDP): fell 2.4% last month, with a market cap of nearly $492 million.
  • FDUSD: Without a doubt the most significant growth, with an increase of 52.7% in the last 30 days. The market capitalization is $393 million.
Nation World News Desk
Nation World News Desk
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