A recent report from CCData tells us that the stablecoin industry, which acts as a bridge between regular money and cryptocurrencies, has faced a decline in its total value.
The report also mentions that Tether, the main company behind stablecoins, has lost some of its share to competitors.
In August, all stablecoins combined were worth about $125 billion, which is 0.4% less than before. This marks the 17th month in a row where the value has gone down. The report says this is because people are using stablecoins less, especially in the world of decentralized finance (DeFi), where they’re often used for borrowing, lending, and trading.
Tether, the biggest and most popular stablecoin, was worth $82.9 billion in August, which is 1.2% less than before.
Jacob Joseph, a researcher at CCData, said, “We can’t say for sure if the stablecoin market has hit the lowest point, but there are signs that more money might start flowing into it.”
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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