CryptoMediaClub
Wednesday, July 30, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home Blockchain

Stablecoin Dominance Slides as Market Cap Falls to Near 2-Year Lows: CCData

22.07.2023
A A
0
124
VIEWS
ShareShare

The stablecoin market has been facing a prolonged period of decline, with the market capitalization hitting its lowest point since August 2021, according to a recent report by cryptocurrency analytics platform CCData. The report, released on July 20, highlights a concerning 0.82% fall in the market cap from the start of the month until July 17, bringing the total market cap to $127 billion.

Amidst this downturn, the market dominance of stablecoins experienced a slight dip, currently standing at 10.3% compared to 10.5% in June. Within the top ten stablecoins, Pax Dollar (USDP) took the hardest hit, plummeting by 43.1% to $563 million in July, marking its lowest figure since December 2020.

The decline in Pax Dollar’s value was largely influenced by MakerDAO’s decision to remove $500 million of USDP from its reserves. This move came as a result of the protocol’s failure to generate additional revenue, impacting Pax Dollar’s market position significantly.

In contrast, Tether $1.00, the largest stablecoin by market cap, reached an all-time high market cap of $83.8 billion on July 17, strengthening its dominance in the stablecoin market to 65.9%.

The USD Coin (USDC) and Binance USD (BUSD) experienced a decline of 3.01% and 4.57% in their respective market caps, totaling $26.9 billion and $3.96 billion. USDC’s market cap has now fallen for seven consecutive months, reaching its lowest level since June 2021.

However, amidst the continuous falls, stablecoin trading volumes witnessed a surprising 16.6% increase, reaching approximately $483 billion in June. This marked the first monthly upswing in trading volumes since March, and CCData attributes this rise to the surge in spot Bitcoin $29,900 exchange-traded fund filings and the SEC lawsuits against Binance and Coinbase.

Another contributing factor to the fluctuations in stablecoin trading volumes was the suspension of fiat deposits on Binance.US due to the SEC’s lawsuit against the platform. As a result, USDT and USDC depegged from the U.S. dollar on the exchange, leading to a significant decline in liquidity, resulting in discounts of around 27% and 18%, respectively.

On the other hand, the decentralized stablecoin market, comprising Dai (DAI), Frax (FRAX), and USDD (USDD), experienced a positive turn in July. The market cap increased by 0.43% to $7.52 billion, marking the first upward movement since February. Despite this growth, the market cap remains 78.1% below its all-time high of $34.3 billion in April.

The initial decline in the stablecoin market was triggered by the collapse of the Terra Luna ecosystem and the nearly 100% depeg of the algorithmic stablecoin TerraClassicUSD (USTC).

In conclusion, the stablecoin market has been grappling with a prolonged period of decline, reaching its lowest point since 2021. Nevertheless, recent developments in trading volumes and the decentralized stablecoin market show signs of potential recovery. As the crypto landscape continues to evolve, stability and adaptability will be key for these digital assets to navigate the challenges ahead.

The post Stablecoin Dominance Slides as Market Cap Falls to Near 2-Year Lows: CCData appeared first on BitcoinWorld.

Share10Tweet6ShareSharePin2

Related Posts

Ondo Finance Unleashes Revolutionary Tokenized US Treasuries on Sei
Blockchain

Ondo Finance Unleashes Revolutionary Tokenized US Treasuries on Sei

18.07.2025
0

Skip to content

Read moreDetails
Hashed stablecoin: South Korea’s Crypto Giant Unveils Bold Trademark Play

Hashed stablecoin: South Korea’s Crypto Giant Unveils Bold Trademark Play

17.07.2025
LA Token’s Strategic Move: Lagrange Foundation Considers Crucial Buyback for Price Stability

LA Token’s Strategic Move: Lagrange Foundation Considers Crucial Buyback for Price Stability

14.07.2025
Shocking Loss: Crypto Influencer Accidentally Burns $75K in PUMP Token

Shocking Loss: Crypto Influencer Accidentally Burns $75K in PUMP Token

14.07.2025
Dubai’s Historic Approval: Qatar National Bank Launches Revolutionary Tokenized Money Market Fund in DIFC

Dubai’s Historic Approval: Qatar National Bank Launches Revolutionary Tokenized Money Market Fund in DIFC

08.07.2025
Load More
Next Post
Bitcoin Faces Strong Resistance at $30,000: Can it Overcome the Hurdle?

Bitcoin Faces Strong Resistance at $30,000: Can it Overcome the Hurdle?

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Microsoft Invests $1.5 Billion Into AI Firm in the UAE

Microsoft Invests $1.5 Billion Into AI Firm in the UAE

1 year ago
Decentralized Exchange GMX To Integrate Chainlink’s Low Latency Oracles

Decentralized Exchange GMX To Integrate Chainlink’s Low Latency Oracles

2 years ago
Quantum Black Swan: How a 2026 Quantum-Computing Breakthrough Could Upend Crypto (and Which Coins Might Survive)

Quantum Black Swan: How a 2026 Quantum-Computing Breakthrough Could Upend Crypto (and Which Coins Might Survive)

1 month ago
Stablecoins Spark AI-Agent Payment Boom, $140B Windfall in Sight

Stablecoins Spark AI-Agent Payment Boom, $140B Windfall in Sight

2 months ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Growing Popularity of Ethereum in Corporate Crypto Treasury Reserves

Bitcoin Price Prediction: OG Whale Dumps 80,000 BTC – And Bitcoin Still Looks Ready to Blast Higher

Bitcoin could target $141k if it breaks out of the $105k-$125k box

AML Bitcoin Founder Sentenced to 7 Years for Fraud and Money Laundering

Turkish Ride-Hailing Giant Marti Announces Crypto Treasury Strategy, Allocates 20% to BTC

Revolut Mulls Buying US Bank to Fast-Track American Licence: Report

Trending

Hong Kong Authorities Clarify Licensing Rules for Stablecoin Issuers
All news

Hong Kong Authorities Clarify Licensing Rules for Stablecoin Issuers

30.07.2025
0

The financial regulator of Hong Kong published regulatory documents detailing the licensing and supervision procedures for stablecoin...

Revolutionizing Crypto Mining: XRP Mining Empowers Global Users with Smartphone-Based Cloud Mining

Revolutionizing Crypto Mining: XRP Mining Empowers Global Users with Smartphone-Based Cloud Mining

30.07.2025
SEC’s in-kind approval can spark HUGE $710 billion supply squeeze for Bitcoin ETFs

SEC’s in-kind approval can spark HUGE $710 billion supply squeeze for Bitcoin ETFs

30.07.2025
Growing Popularity of Ethereum in Corporate Crypto Treasury Reserves

Growing Popularity of Ethereum in Corporate Crypto Treasury Reserves

30.07.2025
Bitcoin Price Prediction: OG Whale Dumps 80,000 BTC – And Bitcoin Still Looks Ready to Blast Higher

Bitcoin Price Prediction: OG Whale Dumps 80,000 BTC – And Bitcoin Still Looks Ready to Blast Higher

30.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz