CCData, a cryptocurrency analysis platform, released a report stating that from the beginning of 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, which is 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, reaching a historic high and accounting for 65.9% of the stablecoin market share. 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 in terms of market value, Pax Dollar (USDP) was hit the hardest, falling by 43.1% in July to $563 million, a new low since December 2020.