Stablecoin Dominance Slips as Market Cap Falls to Near 2-Year Low: CCData

After 16 consecutive months of decline, stablecoin market dominance has fallen to 10.3% of total crypto market cap.

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Stablecoin market cap hit lowest level since August 2021 after 16 straight months of declines, according to new report.

Cryptocurrency analytics platform CCData published a report on July 20 indicating that the market capitalization of stablecoins fell by 0.82% from the beginning of the month to July 17, bringing the market capitalization of the sector to $127 billion.

Stablecoin market dominance has declined slightly and currently stands at 10.3%, down from 10.5% in June.

Our latest report on Stablecoins and CBDCs is now live!

Key Highlights:✔️16-month drop in stablecoin market cap, now at $127 billion✔️ $USDT at $0.73, $USDC at $0.82 on #Binance.US✔️ Largest drop in $USDP market cap since 2020, now at $593 million s of dollars

Full report https://t.co/A9rFx6pbJx

— CCData (@CCData_io) July 20, 2023

Of the top ten stablecoins, Pax Dollar (USDP) was the hardest hit, dropping 43.1% to $563 million in July, its lowest figure since December 2020.

CCData believes the fall was largely attributed to MakerDAO - a decentralized autonomous organization behind the Maker Protocol - which chose to withdraw $500 million of USDP from its reserves because it failed to generate additional revenue...