Total Market Capitalization of Stablecoin Sector Declines for 17th Consecutive Month
The stablecoin sector in the cryptocurrency space has seen its market capitalization decline for the 17th consecutive month in August, reaching its lowest level since August 2021.
- BUSD and TUSD experienced significant declines after Binance adopted FDUSD
- FDUSD’s market capitalization skyrocketed after being launched last month
- FDUSD is the fifth-largest stablecoin on Binance
- FDUSD’s trading volumes benefited from Binance’s zero-fee trading promotion
- USDT/FDUSD trading pair accounted for 86.2% of FDUSD’s volume
Stablecoin trading volumes in July fell to the second-lowest monthly volume this year and the third-lowest since April 2019.
China’s Digital Yuan reached a transaction volume of 1.8 trillion RMB in June, with a surge in transactions and transaction count compared to August 2022’s update.
Overall, the stablecoin sector continues to face challenges, while the Digital Yuan shows significant growth in transaction volume.
Hot Take: The decline in stablecoin market capitalization highlights the need for innovation and adaptation within the sector. Meanwhile, the success of the Digital Yuan demonstrates the potential for central bank digital currencies to transform the financial landscape.
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