The market value of stablecoins has been declining for 16 consecutive months, while the market value of USDT has reached a new historical high.

BlockBeats reported on July 21 that CCData, a cryptocurrency analysis platform, released a report stating that from early this month to July 17, the total market value of stablecoins dropped to $127 billion, accounting for 10.3% of the total cryptocurrency market value, a slight decrease from June. The market value of stablecoins has been declining for 16 consecutive months, falling to nearly a two-year low. As of July 17, the market value of the largest stablecoin, USDT, reached $83.8 billion, hitting a new historical high and accounting for 65.9% of the stablecoin market value. In addition, the market values of USDC and BUSD fell by 3.01% and 4.57%, respectively, reaching $26.9 billion and $3.96 billion. Among the top ten stablecoins by market value, Pax Dollar (USDP) saw the largest decrease in market value, falling by 43.1% in July to $563 million, hitting a new low since December 2020.