On 31 July 2024, CCData Examine unveiled the July 2024 edition of its “Stablecoins & CBDCs” narrative, providing a entire overview of most modern traits and market dynamics inside of the stablecoins and central bank digital currencies (CBDCs) sectors.
CCData, authorized by the Financial Habits Authority (FCA) as a benchmark administrator, is a prominent provider of institutional-grade digital asset data. By leveraging tick data from globally acknowledged exchanges and integrating multiple datasets, CCData delivers a entire market overview, together with trade, derivatives, insist books, along with historical, social, and blockchain data.
Stablecoins Market Capitalisation Hits $164 Billion
In July, the overall market capitalisation of stablecoins noticed a valuable elevate of 2.11%, reaching $164 billion. This marks the tenth consecutive month-to-month upward thrust and the highest stage since April 2022. The fixed development in market capitalisation underscores a real influx of most modern capital into the stablecoins market, as evidenced by particular effect actions in digital property real by the month.
European Stablecoins Market Continues to Decline
Conversely, the market capitalisation of European stablecoins skilled a decline of 1.43%, settling at $235 million. This represents the seventh consecutive month-to-month decrease for this sector. Namely, two MiCA-compliant stablecoins, Monerium’s EUR eMoney and Membrane Finance’s EUROe, noticed valuable drops of their market capitalisations by 16.5% and 9.92%, respectively, to $14.3 million and $1.71 million.
Stablecoin Trading Volume Trends
Stablecoin trading volumes fell by 8.35% to $795 billion as of 25 July. No subject this decline, trading volumes are expected to pattern increased, buoyed by the open of feature Ethereum ETFs and particular trade sentiment highlighted on the newest Bitcoin Conference. Tether (USDT) remains the dominant force in stablecoin trading on centralised exchanges, commanding a 73.5% market fragment amongst the tip ten stablecoins.
USD Coin (USDC) Sees Market Cap Amplify
The market capitalisation of USD Coin (USDC) rose by 5.36% in July, reaching $33.6 billion. This marks the first elevate in USDC’s stop-of-month market capitalisation since April. Additionally, trading volumes for USDC pairs on centralised exchanges surged by 48.1% to $135 billion, a upward thrust attributed to the stablecoin’s compliance with the Markets in Crypto-Property (MiCA) guidelines that took attain in Europe unhurried closing month.
CBDCs Overview: Key Events in July 2024
- July 5: The European Central Bank (ECB) launched a story outlining the fabricate choices for a doable digital euro. The narrative emphasized the want for privacy, resilience, and inclusivity in making ready the digital currency’s framework.
- July 10: The Of us’s Bank of China (PBOC) expanded its digital yuan pilot program to several extra cities, aiming to elevate the user base and test recent facets connected to substandard-border funds.
- July 15: The Hong Kong Financial Authority (HKMA) introduced a brand recent regulatory framework for CBDCs, focusing on security, privacy, and interoperability, geared toward making ready the financial map for digital currency integration.
- July 20: In a speech on the Bitcoin 2024 convention, feeble U.S. President Donald Trump criticized the root of a executive-controlled digital currency, advocating for a private sector-led technique as some other.
- July 22: The Bank of England (BoE) printed a consultation paper exploring the attainable economic and financial implications of introducing a digital pound, seeking feedback from trade stakeholders and the public.
- July 28: The Reserve Bank of India (RBI) conducted a public trial of its CBDC in make a selection cities, testing the map’s scalability and user trip under precise-world stipulations.
