Top Stablecoins See Steady Decline Over Past Month as Dollar-Pegged Token Economy Shrinks

The top stablecoins have continued to see redemptions over the past 30 days as the dollar-pegged crypto economy currently hovers at $127.32 billion on July 12. The stablecoin BUSD's supply has dropped below the 4 billion mark as the token's number of coins in circulation has fallen 16.7% over the last month.

Timeline of Binance-usd, Multi-collateral-dai, Trueusd, Usd-coin, Tether

The on-chain patterns of the top two stablecoins by market cap could hint at when the crypto markets are gearing up for another leg up in price, according to the analytics firm Santiment.

New updates on the on-chain situation of cryptocurrencies: Tether (USDT) is seeing an increase in its presence on exchanges, giving positive stimuli for increased market volatility.

Tether chief technology officer Paolo Ardoino is addressing a recent depegging of USDT, the largest stablecoin in the world by market cap. Over the weekend, USDT appeared to lose its peg to the dollar, briefly trading as low as $0.94 on Binance.US.

Hong Kong police are searching for a crypto scammer operation after an account was conned of HK$1 million The 29-year-old victim was duped into accepting fake bank notes in exchange for $127,750 in Tether's stablecoin USDT. Sources say the sour deal went down at a shop on Chatham Road South in Tsim Sha Tsui.

Renowned veteran trader and analyst Peter Brandt on Sunday tweeted about the puncturing of the much-speculated Tether (CRYPTO: USDT) bubble. What Happened: Brandt took aim at cryptocurrency enthusiasts who vocally denounce the US dollar while simultaneously holding assets via Tether on Binance, referring to the exchange as “the scam of the decade.

Jeremy Allaire, the Co-founder & CEO of Circle, which helps businesses and developers harness the power of USDC for payments and commerce, reveals that they quietly released the first major milestone of Circle Web3 Services into production beta this week.

Bitwage, a cryptocurrency payroll company, has announced it will remove USDC-based payments for U.S. residents. In an email sent to U.S.-based customers, Bitwage explains removing the second-largest stablecoin by market cap from its platform is related to a “more strict regulatory climate” in the U.S. regarding crypto. Bitwage Drops USDC Payments in the U.S.

Tether, the world's largest stablecoin issuer, is pushing a way to store value and beat fiat inflation with a gold-backed stablecoin called XAUT. The stablecoin offering from the company is a digital token backed by physical gold.

In an email sent to customers on July 5, crypto payroll company Bitwage announced it would disable payments in USD Coin (USDC) for U.S. residents. Over the past month, financial regulators in the U.S. have increased their regulatory scrutiny of the crypto space, bringing charges against major crypto firms, including Binance and Coinbase.

Hong Kong government should consider launching its own stablecoin, the HKDG, backed by its foreign exchange reserves. That's according to a proposal put forward by web3 expert and Hong Kong University Vice Chancellor Wang Yang; angel investor Cai Wensheng; BlockCity founder Lei Zhibin; and Ph.D.