According to data disclosed by Tom Wan, an analyst on 21co, the parent company of 21Shares, the total market value of Ethereum ETH -0.36% stablecoins has dropped from 100 billion to 76 billion.
The decline was mainly caused by USDC and BUSD. The market value of USDC dropped from 41 billion to 24 billion (-40%), and BUSD dropped from 16 billion to 3 billion (-77%).
USDC became the biggest beneficiary, and its dominance increased from 32.3% to 51.5%. The market share of TUSD and DAI increased slightly by 0.5%. The current price of GHO is $0.982, with a decoupling rate of 1.8%. GHO was launched by AAVE on July 15.
The underlying reason for the unpegging could be due to the fixed borrowing rate of 1% to 1.5%. This could cause borrowers to use it to dump high-yielding stablecoins, creating significant selling pressure.
