According to a recent analysis, the total value of all stablecoins has dropped for the sixteenth month in a row, to almost a level not seen since August of 2021. According to research published on July 20 by CCData, a cryptocurrency analytics platform, the stablecoin market worth...
- The market share of stablecoins has decreased to 10.3% from 10.5% in June.
- Pax Dollar (USDP) was the most impacted of the top ten stablecoins.
Our latest Stablecoins & CBDCs Report is now live!— CCData (@CCData_io) July 20, 2023
Key Highlights:16-month fall in stablecoin market cap, now at $127bn$USDT at $0.73, $USDC at $0.82 on #Binance.US$USDP's largest cap drop since 2020, now at $593mn
Full Reporthttps://t.co/A9rFx6pbJx
The market share of stablecoins has decreased to 10.3% from 10.5% in June. Pax Dollar (USDP) was the most impacted of the top ten stablecoins, dropping 43.1% to $563 million in July, its lowest amount since December 2020.
Light of Hope
Both Binance USD (BUSD) and USD Coin (USDC) saw their market caps drop, with USDC dropping 3.01% to $26.9 billion and BUSD dropping 4.57% to $3.96 billion. This is the lowest market cap for USDC since June 2021 and the seventh consecutive monthly fall.
Despite a string of declines, June saw a 16.6 percent gain in stablecoin trade volumes to $483 billion, the first monthly increase since March. Thus, providing investors with a light of hope.
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