Stablecoin’s Continue Fall
Stablecoins have been on a wild ride. After Terraform’s $UST debacle, the market cap for these digital assets plummeted 35%, dropping from a $189 billion peak to $124 billion. 📉
Vaidya Pallasena from Bluechip attributes this to dwindling retail participation and the rise in US treasury yields since mid-2022. With risk-free yields of around 5%, the allure of holding stablecoins has diminished.