Stablecoin

April

USDC

Coin

Circle’s USD Coin (USDC) saw a big increase in trading volume in July, thanks to more money coming into the market and new European rules for digital assets.&nbsp; 
A <a href="https://ccdata.io/reports/stablecoins-cbdcs-report-july-2024" target="_blank" data-type="link" data-id="https://ccdata.io/reports/stablecoins-cbdcs-report-july-2024" rel="noreferrer noopener nofollow">report from CCData</a> on July 31 showed that trading volume for USDC pairs on centralized exchanges reached $135 billion by July 25. The market value of USDC also went up by 5.4%, reaching $33.3 billion. 
This reported increase happened after the European Union started its new Markets in Crypto-Assets (MiCA) rules on July 1. Circle was the <a href="https://www.cryptotimes.io/2024/07/01/circle-secures-first-eu-stablecoin-license-under-mica/" target="_blank" data-type="link" data-id="https://www.cryptotimes.io/2024/07/01/circle-secures-first-eu-stablecoin-license-under-mica/" rel="noreferrer noopener">first stablecoin issuer to get approval</a> under these new rules. 
Tether (USDT), another major stablecoin, also saw significant growth but at a slower pace. Tether’s market value rose by 1.6% in July to $114 billion, marking its 11th straight month of growth.&nbsp; 
At the time of writing, USDT remains the largest stablecoin, with the highest daily trading volume of $50 million, and reported record profits of $5.2 billion for the first half of 2024. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXez1S7rAonT10L-JYcaoSM8Q0FEFqcyicIlXw8rTWtu3SvmXe-HHba3mQ05Ly3J26gV5A-gbuo4EI28rLBGWISbUtuvsQWtovXb-1IDziN-7-A8agTIp6UBRTzWwSR5clO9KiAlyPE9egm37fD96pICwfE?key=tpjBby1v67Yk6X4GDwSqbg" alt="AD 4nXez1S7rAonT10L JYcaoSM8Q0FEFqcyicIlXw8rTWtu3SvmXe HHba3mQ05Ly3J26gV5A gbuo4EI28rLBGWISbUtuvsQWtovXb 1IDziN 7 A8agTIp6UBRTzWwSR5clO9KiAlyPE9egm37fD96pICwfE?key=tpjBby1v67Yk6X4GDwSqbg">
 <figcaption class="wp-element-caption">
 Stablecoin Market Cap | Image Source: <a href="https://coinmarketcap.com/view/stablecoin/" target="_blank" rel="noreferrer noopener nofollow">CoinMaketCap</a>
 </figcaption>
</figure> 
Overall, the total market value of all stablecoins increased by 2.1% in July, reaching $171 billion, the highest since April 2022.&nbsp; 
Despite this growth, trading volume on centralized exchanges dropped by 8.4%, totaling $795 billion by July 25. This was the fourth month in a row that trading volume decreased. 
Before the new rules took effect on June 30, several crypto exchanges in Europe including the Kraken exchange delisted several stablecoins, especially USDT. The MiCA regulations require stablecoin issuers to be based in the EU, notify authorities of all activities, and submit a white paper for approval.&nbsp; 
Larger stablecoins like Tether and USDC faced stricter rules, including limits on daily transactions and the need to hold 60% of their reserves in cash deposits across several banks. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://cointelegraph.com/news/kraken-considers-dropping-usdt-europe-new-regulations" target="_blank" rel="noreferrer noopener">Bybit Applauds EU’s MiCA Approval of USDC Stablecoin</a> 
</blockquote>

USDC Trading Volume Hits $135B in July: CCData Report

The Crypto Times

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