bitcoin
bitcoin

$97870.65 USD 

-0.67%

ethereum
ethereum

$3380.71 USD 

0.93%

tether
tether

$1.00 USD 

0.01%

solana
solana

$252.16 USD 

-1.93%

bnb
bnb

$667.92 USD 

0.66%

xrp
xrp

$1.44 USD 

-6.29%

dogecoin
dogecoin

$0.425817 USD 

-10.53%

usd-coin
usd-coin

$0.999912 USD 

0.00%

cardano
cardano

$1.04 USD 

-3.55%

tron
tron

$0.212144 USD 

-1.47%

stellar
stellar

$0.575595 USD 

32.36%

avalanche
avalanche

$41.48 USD 

-1.58%

toncoin
toncoin

$6.20 USD 

8.78%

shiba-inu
shiba-inu

$0.000026 USD 

-5.36%

polkadot-new
polkadot-new

$8.73 USD 

14.66%

Cryptocurrency News Articles

Stablecoins Market Capitalization Reaches New Heights, PYUSD Achieves Record Market Cap: CCData Report

Jul 11, 2024 at 07:41 pm

The stablecoin market capitalization has reached its highest level since April 2022, following nine consecutive months of growth, according to the latest edition of CCData's Stablecoins Report.

Stablecoins Market Capitalization Reaches New Heights, PYUSD Achieves Record Market Cap: CCData Report

The total market capitalization of stablecoins increased by 0.53% in June, reaching $161 billion, marking the ninth consecutive month of growth and pushing the market cap to its highest level since April 2022, according to the latest edition of CCData’s Stablecoins Report.

Authorized by the Financial Conduct Authority (FCA) as a benchmark administrator, CCData is a prominent provider of institutional-grade digital asset data. By utilizing tick data from globally recognized exchanges and integrating multiple datasets, CCData provides a comprehensive market overview, including trade, derivatives, order books, historical, social, and blockchain data.

The stablecoin market has seen significant growth and increased scrutiny recently. Stablecoins are crucial for trading digital assets, allowing seamless conversion of fiat-pegged funds into blockchain applications. However, issues like Tether’s collateralization concerns and the collapse of TerraUSD have alarmed investors and regulators.

CCData’s Stablecoins Report provides vital insights into the stablecoin market, analyzing market capitalization and trading volumes by collateral type and pegged asset. This monthly report caters to a diverse audience, from crypto enthusiasts looking for an overview to investors, analysts, and regulators needing detailed analysis.

CCData’s report highlights a substantial milestone for PYUSD, whose market capitalization soared by 86.3% in June, reaching a new all-time high of $499 million, making it the seventh-largest stablecoin by market cap. The report attributes this growth to PYUSD’s recent integration into the Solana network, with 38% of its supply now loaned out through Solana’s Kamino Finance protocol, offering an annual percentage yield (APY) of 23%. This development highlights the importance of network integrations and yield-generating opportunities in driving stablecoin adoption and growth.

A pivotal development in the stablecoin market, as noted by CCData, is the implementation of the Markets in Crypto-Assets (MiCA) regulations, which became effective on June 30th. These regulations impose stringent compliance requirements on stablecoin issuers operating within Europe.

Currently, only a few stablecoins, including Circle’s USDC and EURC, Societe Generale’s EURCV, Monerium’s EURe, Membrane’s EUROe, and Quantoz’s EURD, have reported compliance with MiCA. This regulatory shift aims to enhance transparency and stability within the stablecoin market, setting a new standard for issuers in the European Union.

CCData’s report also reveals a decline in trading volumes for stablecoin pairs on centralized exchanges. In June, trading volumes fell by 18.0%, marking the third consecutive month of decline and reaching a seven-month low of $970 billion.

Despite this downturn, USDT maintains dominance, holding 78.4% of the market share among the top 10 stablecoins by market capitalization. The decline in trading volumes suggests a period of consolidation and reduced speculative activity within the stablecoin market, reflecting broader trends in the crypto industry.

News source:www.cryptoglobe.com

Disclaimer:info@kdj.com

The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!

If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.

Other articles published on Nov 24, 2024