Stablecoins Hit Record Market Cap of Nearly $170 Billion After Year of Growth

Stablecoins have reached an all-time high market cap of $169.57 billion following nearly a year of uninterrupted growth.

“And just like that, we’re at a new all-time high. The total stablecoin market cap, excluding algorithmic stables, is now at the highest point ever, surpassing its previous high from early 2022. New money is entering crypto.” Topping the chart is the leading stablecoin – USDT – which has experienced a market cap increase of approximately 28% so far this year, rising from around $92 billion at the start of the year to $118 billion at the time of writing. USDT now makes up around 70% of the entire stablecoin market cap.

Additionally, the PayPal-backed PYUSD stablecoin has also witnessed an impressive increase. It has surpassed USDD to position itself as the fifth largest stablecoin, with a market cap exceeding $1 billion over the weekend.an 8.35% reduction in July’s trading volumes, down to $795 billion, driven by less activity on centralized exchanges and regulatory issues in Europe owing to the Markets in Crypto-Assets Regulation .

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