in Binance USD, Cryptocurrencies, Stablecoins, USDT

Stablecoins shed $38B since May as yields plunge, projects collapse

by Repost Admin October 6, 2022, 6:41 pm 1.2k Views

An estimated $148.7 billion worth of stablecoins are still in circulation.

According to the latest data from DefiLlama, the overall circulation of stablecoins has decreased by approximately $38 billion since early May. There are still $148.7 billion left in circulation, with the majority consisting of Tether (USDT) ($68.2 billion), USD Coin (USDC) ($46.7 billion), Binance USD ($21.4 billion), Dai (DAI) ($6.33 billion) and the Frax stablecoin (FRAX) ($1.33 billion).

Meanwhile, the yields on stablecoin borrowing and lending on decentralized protocols (DeFi) such as Aave have fallen sharply. Back in May, the annual variable percentage rates (APR) on Binance USD, USD Coin, and DAI loans stood around 3.5%. Their APRs have since fallen to about 1.5%. Meanwhile, their utilization rates, or the percentage of stablecoins taken out as loan