Anniversary of the Terra Crisis: The Fall of Stablecoins

Happened a year ago terrathe turmoil that started in stablecoins after the crisis USDTHe took it to the top.

11 May 2022on, terra With the crisis, there was a major crypto crash. Terra, the architect of this collapse, 45 billion dollarsresulted in its removal from the market.

A year later, it seems that the crypto industry still hasn’t recovered and stablecoins are taking shape. Especially USDT, Terra’safter the crash 20 percentof a dominancenotable for its earnings.

One Year After the Terra Crisis: The Rise of USDT!

glassnode , remembered the Terra crisis with the data it published today. Creating a market dominance chart over stablecoins glassnodecovered two different periods.

Before the Terra crisis, stablecoin dominates the market USDTthree different stablecoins were getting its share. USDC, coins distributed in BUSD and DAI, USDTwas causing its decline.

However, 11 May 2022 In the Terra crisis that took place in history, the depeg of UST and the collapse of the entire crypto market changed the perspective of investors on stablecoins. While the interest in the DAI side is decreasing day by day, BUSDcrises began to break out. BUSD, from the USA got on the regulators’ radar and had to stop their services. if USDC from FUDs and it followed a long-term downtrend due to pressures. This entire market process has allowed USDT to peak in stablecoin market dominance day by day.

glassnodeaccording to the data, terrabefore the crisis USDTstablecoin market dominance 45.9 percentaround, of USDCIf stablecoin dominates the market 37 percent was around. These two popular cryptocurrencies, 11.8 percentwith the dominance of BUSDwas following. DAIfrom the market share 4.5 percenthe could get.

Exactly one year after the Terra crisis, USDTmarket dominance 65.9 percent It was seen that he went out. Achieving a 20 percent market share in the stablecoin market USDT began to be seen as a safe port. However SECHe said that all cryptocurrencies traded in dollars are in their area of ​​interest.