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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Stablecoin dominance slides as market cap falls to near 2-year lows: CCDataThe market cap of stablecoins has fallen to the lowest level since August 2021 according to a CCData report. Pax Dollar was hardest hit in July, falling 43.1%. CCData_io $USDT hit a record $83.8 billion market cap on July 17, boosting its stablecoin dominance to 65.9%. $USDC and $BUSD market caps dropped to $26.9 billion and $3.96 billion, the lowest for USDC since June 2021.
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