Stablecoins Market Cap Falls to Lowest Level in 2 Years
Over the past 16 months, the market supply of stablecoins has been dwindling, with CCData reporting record-breaking lows for capitalization of collateralized digital currencies.
By July, the dominance of stablecoins had declined from 10.5% to 10.3%. The greatest losses were seen in Pax Dollar (USDP), which showed a 43% reduction to $563 million, its lowest recorded value since December.
Not surprisingly, Tether (USDT) still currently holds 65.9% of the dollar-backed digital currency market share, at a valuation of just over $83.8 billion. USDC and Binance USD (BUSD) both decreased by 4% to $26.9 billion and $3.96 billion, respectively.
USDC’s capitalization has been decreasing for seven consecutive months, hitting its rock bottom since June 2021.
On the more positive side, June’s trading volumes increased by 16.6% to $483 billion, being a significant rise since March 2023. Finally, the DAI token grew by 0.43%, reaching $7.52 billion.
