The stablecoin market witnessed a declining market capitalization for the 16th consecutive month. According to the latest crypto analytics platform, CCData, the figure fell by 0.82% to $127 billion in July, hitting the lowest level since August 2021.
The uptick in trading activity following the spot Bitcoin ETF applications filed by multiple TradFi companies, such as BlackRock and WisdomTree, could be yet another factor.
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