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- The proportion of stablecoins in the market has fallen to 10.3% from 10.5% in June.
- Pax Dollar (USDP) experienced the most significant decline among the top ten stablecoins.
A recent report indicates that the overall value of stablecoins has decreased for the sixteenth consecutive month, nearing levels not observed since August 2021. Research released on July 20 by CCData, a cryptocurrency analytics firm, revealed that the stablecoin market’s value fell by 0.82% from the start of the month to July 17, resulting in a sector market size of $127 billion.
Our latest Stablecoins & CBDCs Report is now live!
Key Highlights:16-month decline 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 Reporthttps://t.co/A9rFx6pbJx
— CCData (@CCData_io) July 20, 2023
16-month decline in stablecoin 
$USDP's largest cap drop since 2020, now at $593mnThe market share of stablecoins has decreased to 10.3% from 10.5% in June. Pax Dollar (USDP) was the most affected among the top ten stablecoins, experiencing a 43.1% drop to $563 million in July, marking its lowest level since December 2020.
CCData’s analysis attributes this decline primarily to MakerDAO’s choice to liquidate $500 million in USDP from its reserves after failing to generate additional revenue. MakerDAO is the decentralized autonomous organization that supports the Maker protocol. As of July 17, Tether (USDT) holds a dominant 65.9% market cap share of all stablecoins.
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Light of Hope
Both Binance USD (BUSD) and USD Coin (USDC) experienced reductions in their market caps, with USDC declining 3.01% to $26.9 billion and BUSD falling 4.57% to $3.96 billion. This represents the lowest market cap for USDC since June 2021 and marks the seventh consecutive monthly decrease.
Despite ongoing declines, June recorded a 16.6 percent increase in stablecoin trading volumes to $483 billion, the first monthly rise since March, offering investors a glimmer of hope.
According to CCData, stablecoin trading volumes rose last month, which they attribute in part to the Securities and Exchange Commission’s (SEC) legal actions against Binance and Coinbase, along with a subsequent surge in registrations for spot Bitcoin exchange-traded funds.
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