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Cryptocurrency News Articles
Stablecoin Market Dominance Reaches 6.93%, Tether (USDT) Hits New All-Time High: CCData Report
Aug 01, 2024 at 04:04 pm
For ten consecutive months, the market dominance of stablecoins has risen, now reaching 6.93%. Stablecoins are cryptocurrencies pegged to reserve assets
Stablecoins, cryptocurrencies pegged to reserve assets like fiat currencies or commodities, have seen their market dominance rise for ten consecutive months, now reaching 6.93%. According to a CCData report, the total stablecoin market capitalization increased by 2.11% in July, climbing to $164 billion.
This surge was driven by major stablecoins continuing to post gains. Tether (USDT), the largest stablecoin by market cap, saw its market capitalization rise by 1.61%, hitting $116 billion and setting a new all-time high. Notably, USDT’s market cap has now seen eleven consecutive months of growth, and it commands a massive 69.6% dominance in the stablecoin market.
Other significant stablecoins like USD Coin (USDC), BlackRock’s BUIDL, and PayPal USD (PYUSD) also saw increases in their market capitalizations. However, First Digital USD (FDUSD) and Ethena USDe experienced declines in the top ten ranking.
Interestingly, PayPal USD emerged as the largest gainer among the top ten stablecoins, surging by 17.9% to hit $589 million, setting a new record. Despite the growth in market capitalization, stablecoin trading volumes fell by 8.35% to $795 billion in July.
This decline occurred amid decreasing activity on centralized exchanges. However, the overall trading volumes are on a trend to record higher monthly volumes, buoyed by the launch of spot Ethereum ETFs and the positive sentiment from the Bitcoin 2024 Conference, according to the CCData report.
The report also highlights the impact of the recent MiCA regulations on stablecoin trading activity in Europe. These regulations require stablecoin issuers to obtain e-money licenses and maintain substantial reserves, enhancing market security.
Major stablecoins like Circle’s USDC and EURC have already complied with these regulations. Consequently, USD Coin continues to dominate trading activity on centralized exchanges, showing a notable increase in trading volumes for USDC pairs.
One of the most significant insights from the CCData report is the surge in the market cap and trading volumes of USD Coin, the second-largest stablecoin by market capitalization. USDC now commands 73.5% of the market share among the top ten stablecoins.
Trading volumes for USDC pairs on centralized exchanges increased by 48.1% to $135 billion, driven by the stablecoin’s compliance with MiCA regulations in Europe.
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