Stablecoin dominance slides as market cap falls to near 2-year lows: CCData

📆 7/21/2023 12:16 AM
📰 Cointelegraph

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The market cap of stablecoins has fallen for the 16th consecutive month to $127 billion according to CCData_io, the lowest point reached in nearly 2 years.

on Binance.US due to the SEC’s lawsuit against the firm. CCData said this led USDT and USDC to depeg from the U.S. dollar on the exchange.

“The suspension of fiat deposits has led to a drastic decline in the liquidity of the [USDT and USDC] stablecoins, resulting in a discount of around 27% and 18% respectively.” The decentralized stablecoin market, which includes Dai , Frax and USDD increased its market cap by 0.43% to $7.52 billion in July — the first positive month since February. The market cap, however, is still 78.1% down from its all-time high of $34.3 billion in April.and the near 100% depeg of the algorithmic stablecoin TerraClassicUSD .

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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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