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 report from CCData 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 <a href="https://ccdata.io/reports/stablecoins-cbdcs-report-july-2024" target="_blank" rel="noopener noreferrer nofollow">reported</a> increase happened after the European Union started its new Markets in Crypto-Assets (MiCA) rules on July 1. Circle was <a href="https://www.cryptotimes.io/2024/07/01/circle-secures-first-eu-stablecoin-license-under-mica/" rel="noopener noreferrer nofollow">the first stablecoin issue</a>r to get approval 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="noopener noreferrer 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 Kraken exchange <a href="https://www.cryptotimes.io/2024/05/20/kraken-confirms-no-plans-to-delist-tether-usdt-in-europe/" rel="noopener noreferrer nofollow">delisted</a> 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="noopener noreferrer nofollow">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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