Stablecoin dominance slides as market cap falls to near 2-year lows: CCData
After 16 consecutive months of decline, the stablecoin market dominance has fallen to 10.3% of the total crypto market capitalization. The market capitalization of stablecoins has hit the lowest level since August 2021 coming on the back of 16 consecutive months of decline, a new report says. Cryptocurrency analytics platform CCData released a report on July 20 saying the stablecoin market cap fell 0.82% from the start of the month until July 17, taking the sector's market cap to $127 billion. Stablecoin market dominance took a slight fall and is currently at 10.3%, dropping from 10.5% in June. Our latest 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.US ️ $USDP's largest cap drop since 2020, now at $593mn Full Report https://t.co/A9rFx6pbJx — CCData (@CCData_io) July 20, 2023 Of the top ten stablecoins, Pax Dollar (USDP) was hit hardest, falling 43.1% to $56...