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.