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<ul>
 <li>The stablecoin market cap—excluding algorithmic stablecoins–has hit a new all-time high of $168 billion.</li>
 <li>Tether’s USDT leads the pack reaching a market cap of $117 billion.</li>
</ul>
Eleven months of steady growth led to the market capitalization of stablecoins reaching an all-time high of $168 billion. The market’s sharp decline to $135 billion by the end of 2022 set the stage for a strong recovery.
Reportedly, DefiLlama <a href="https://defillama.com/stablecoins?backing=FIATSTABLES&amp;backing=CRYPTOSTABLES" target="_blank" rel="noopener noreferrer nofollow">data</a> reveals that the overall market capitalization of stablecoins has surpassed its previous high of $167 billion marked in March 2022. The revealed data has excluded the algorithmic stablecoins. It is classified as maintaining their value through computational algorithms rather than being backed by assets like gold or fiat currency.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdwQVWAH4BYTolXJ3of2pTAmiXrMVbCxA4Id0_fcqM79uFilEwmX4NaoVDsmfocFaXlTdBtfikEuf2XBLwMAS_ho2yNZX3nV4OSp6r1FYNAFBGKUpRhmj2mQ9UxvwYqcVsrPbRpZ73-QwAcavYwEJvkxhY?key=W2roxLebplQeOPI5tJNXTA" alt="">
 <figcaption class="wp-element-caption">Stablecoin market cap (Source: <a href="https://defillama.com/stablecoins?backing=FIATSTABLES&amp;backing=CRYPTOSTABLES" target="_blank" rel="noopener noreferrer nofollow">DefiLlama</a>)
 </figcaption>
 </figure>
</div>
Amid this achievement, the trading volume of the stablecoins has been on the downside. In July, CCData <a href="https://uploads-ssl.webflow.com/63e3774c88285e5c6cbf3b9d/66572af8f3f0dc56329149d3_Stablecoins%20%26%20CBDCs%20Report%20May%202024.pdf?utm_medium=email&amp;_hsenc=p2ANqtz-_zHfkd4OOzpiSw968fQu7LwSun25nsUuGzqStqpHStCKpkTICPDpmSlIdqj-bhEPntYe_527OOE3gMt4S3yeH8V-V__QSA-83TaHQw7Vs_THD954Q&amp;_hsmi=88566049&amp;utm_content=88566049&amp;utm_source=hs_automation" target="_blank" rel="noopener noreferrer nofollow">reported</a> a decline of 8.35% to $795 billion in trading volumes as activity on centralized exchanges (CEXs) has reduced.&nbsp;
Moreover, the report stated that Europe’s Markets in Crypto-Assets (MiCA) regulations and its “Stablecoins Regime” were a factor that impacted the trading. Currently, the trading volume of the stablecoin market is resting at $47 billion, according to CoinMarketCap data.
<h3 class="wp-block-heading" id="h-growth-of-usdt-and-usdc">Growth of USDT and USDC</h3>
Among the top-performing stablecoins, Tether (USDT) has marked consistent growth and achieved a monthly market value, reaching a market cap of $117 billion in August, its highest ever. To date, USDT remains the second-largest digital currency by trading volume, after Bitcoin.
Furthermore, Circle’s USD Coin (USDC) has also witnessed gains this year, with its market cap reaching $34 billion, the highest of 2024. Although it stays below its all-time high of $55.8 billion set in June 2022. The new integration avails low gas fees due to lower-cost money movement running on <a href="https://thenewscrypto.com/tether-usdt-to-debut-on-the-aptos-blockchain/" target="_blank" rel="noopener noreferrer nofollow">Aptos</a>. In July, USDC issuer <a href="https://thenewscrypto.com/circle-launches-new-platform-to-simplify-usdc-payments-for-businesses/" target="_blank" rel="noopener noreferrer nofollow">Circle</a> became the first global stablecoin issuer to comply with the MiCA.
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Stablecoin Market Breaks Records With New All-Time High

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