The total stablecoin market capitalization grew by 2.11% in July, reaching $164 billion, according to CCData.a 1.61% increase to $116 billion, setting a new all-time high. This marks Tether’s eleventh consecutive monthly rise in market capitalization.
While other major stablecoins like USD Coin , BlackRock’s BUIDL, and PayPal USD saw increases, First Digital USD and Ethena USDe experienced declines in market capitalization. Overall, stablecoin trading volumes fell 8.35% to $795 billion in July amid struggling activity on centralized exchanges. Despite this, the report indicates a trend towards higher monthly volumes following the launch of spot Ethereum ETFs and the positive sentiment expressed at the Bitcoin 2024 Conference last week.
Stablecoins such as Circle’s USD Coin and EUR Coin have already complied with these requirements, leading to increased confidence and trading activity.
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