Data: The market value of stablecoins has fallen to a nearly two-year low, while the market value of USDT has reached an all-time high

ChainCatcher news, the latest report from the cryptocurrency analysis platform CCData shows that from the beginning of this month to July 17, the total market capitalization of stablecoins has fallen to $127 billion, accounting for 10.3% of the total cryptocurrency market capitalization, slightly down from June. The market capitalization of stablecoins has declined for 16 consecutive months, nearing a two-year low.

As of July 17, the largest stablecoin by market capitalization, USDT, reached $83.8 billion, setting a new historical high, with a market share of 65.9% of stablecoins. Additionally, the market capitalizations of USDC and BUSD decreased by 3.01% and 4.57%, respectively, reaching $26.9 billion and $3.96 billion. Among the top ten stablecoins by market capitalization, Pax Dollar (USDP) experienced the largest decline, dropping 43.1% in July to $563 million, marking a new low since December 2020. (source link)