Stablecoin Market Capitalization Declines for 16th Straight Month, USDT Hits Record Highs

On July 21, cryptocurrency analytics platform CCData released a report stating that from the beginning of this month to July 17, stablecoin's total market capitalization fell to $127 billion, or 10.3% of the total cryptocurrency market capitalization, which is a slight decrease compared to June. Stablecoin's market capitalization has declined for 16 consecutive months, falling to a near two-year low.

As of July 17, USDT, the largest stablecoin by market capitalization, reached an all-time high of $83.8 billion, accounting for 65.9% of the stablecoin market cap. In addition, the market capitalization of USDC and BUSD fell 3.01% and 4.57% to $26.9 billion and $3.96 billion, respectively. Among the top ten stablecoins by market capitalization, Pax Dollar (USDP) saw the largest drop in market capitalization, falling 43.1% in July to $563 million, its lowest since December 2020.