The stablecoin universe continues to shrink, and until this stops, a sustained recovery in crypto prices is unlikely, JPMorgan said in a research report Thursday.“Headwinds from the U.S. regulatory crackdown on crypto, the unsettling of banking networks for the crypto ecosystem and the reverberations from last year’sare weighing on the stablecoin universe which continues to shrink,” analysts led by Nikolaos Panigirtzoglou wrote.
Despite a positive start to the year, cryptocurrency prices have slumped in the past month with the industry's overall market cap dropping from $1.26 trillion on April 13 to $1.089 trillion. The U.S. regulatory clampdown continues to take its toll on USD Coin , which has experienced a loss of stablecoin market share at the expense of Tether , the report said.
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