Summary
- The total value of all stablecoins has dropped for the sixteenth month in a row, to almost a level not seen since August of 2021.
- Pax Dollar (USDP) was the most impacted of the top ten stablecoins, dropping 43.1% to $563 million in July.
- June saw a 16.6 percent gain in stablecoin trade volumes to $483 billion, providing investors with a light of hope.
Stablecoin Market Decline Brings Total Cap to $127B
The market share of stablecoins has decreased to 10.3% from 10.5% in June according to a recent analysis by CCData, a cryptocurrency analytics platform. The analysis found that the total value of all stablecoins has dropped for the sixteenth month in a row, bringing its market size down to nearly $127 billion dollars — its lowest level since August 2021.
Biggest Impact on Pax Dollar (USDP)
Pax Dollar (USDP) was the most impacted of the top ten stablecoins, dropping 43.1% to $563 million in July — its lowest amount since December 2020. The decline is largely attributed to MakerDAO’s decision to liquidate its reserves after failing to generate income from investing USDP reserves.