In July, the stablecoin sector reached another milestone — its total market capitalization hit a new all-time high of $261 billion, which is an increase of 4.87% from the previous month.
This achievement was the result of an unprecedented 22-month growth of the stablecoin market in a row.
According to the CoinDesk report 'Stablecoins and CBDC', the trading volume of stablecoin pairs on centralized exchanges in July reached $1.60 trillion, coinciding with the overall growth of digital assets stimulated by corporate adoption.
Data from Coindesk Research
The document states that Tether ( ) maintains its leadership in the sector, with the market capitalization of the crypto asset increasing by 3.61% to $164 billion in July. Despite this growth, the market share of USDT slightly decreased from 62.5% to 61.8%.
USD Coin (USDC) also demonstrated strong results, increasing by 3.78% to $63.6 billion, while Ethena USDe added a substantial 43.5%, reaching $7.60 billion.
According to the document, USDf from Falcon Finance, which recorded the highest growth in market capitalization among the top 10 stablecoins, gained 121% and rose to a value of $1.07 billion.
BUIDL from BlackRock and FDUSD from First Digital Labs, on the contrary, showed negative results, falling by 15.9% and 8.54% to $2.40 billion and $8.54 billion respectively.
Data from Coindesk Research
The top 10 largest stablecoins by market capitalization are ranked as follows: Tether (USDT), USD Coin (USDC), Ethena USDe, Sky Dollar, Dai, BlackRock USD (BUIDL), World Liberty Financial USD (USDD), Ethena USDtb, First Digital USD, and Falcon USD.
These achievements have prompted governments of countries and traditional financial institutions to soften their stance on the adoption of cryptocurrency stablecoins.