Stablecoins & CBDCs Report

Gain insight into the latest developments in the stablecoin and CBDC sector, focusing on analysis that relates to market capitalization, trading volume and more.

  • July 20, 2023

Report Summary

In July, USDT continued to exert its dominance, recording a new all-time high market cap of $83.8bn (as of July 17th). TetherUSD now accounts for 65.9% of the stablecoins sector by market cap.

Key takeaways:

  • The trend surrounding the declining market capitalisation of stablecoins continued for the 16th consecutive month, falling 0.82% to $127bn.
  • Stablecoin trading volume rose 16.6% to $483bn in June, recording the first increase in monthly trading volume since March as the filing of spot ETF applications by multiple TradFi companies resulted in a rise in trading activity.
  • The price of USDT and USDC fell as low as $0.73 and $0.82 on Binance US in July.
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