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

CCData believes the fall was largely attributed to MakerDAO– a decentralized autonomous company behind the Maker protocol– which chose to get rid of $500 million of USDP from its reserves since it stopped working to accrue additional revenue.Tether (USDT), the biggest stablecoin by market cap, managed to tape its all-time high market cap of $83.8 billion as of July 17, increasing its stablecoin market cap dominance to 65.9%.” The decentralized stablecoin market, which includes Dai (DAI), Frax (FRAX) and USDD (USDD) increased its market cap by 0.43% to $7.52 billion in July– the first favorable month considering that February. The market cap, nevertheless, is still 78.1% down from its all-time high of $34.3 billion in April.The beginning of this down trend was set off by the collapse of the Terra Luna ecosystem and the near 100% depeg of the algorithmic stablecoin TerraClassicUSD (USTC).

The marketplace capitalization of stablecoins has struck the most affordable level since August 2021 coming on the back of 16 successive months of decrease, a brand-new report says.Cryptocurrency analytics platform CCData launched a report on July 20 stating the stablecoin market cap fell 0.82% from the start of the month up until July 17, taking the sectors market cap to $127 billion.Stablecoin market dominance took a small fall and is presently at 10.3%, dropping from 10.5% in June.Our newest Stablecoins & & CBDCs Report is now live!Key Highlights: ✔ 16-month fall in stablecoin market cap, now at $127bn ✔ $USDT at $0.73, $USDC at $0.82 on #Binance. United States ✔ $USDPs largest cap drop because 2020, now at $593mnFull Report https://t.co/A9rFx6pbJx— CCData (@CCData_io) July 20, 2023