On September 27, CCData Study unveiled the September 2024 model of its “Stablecoins & CBDCs” File, offering a comprehensive overview of newest trends and market dynamics right thru the stablecoins and central financial institution digital currencies (CBDCs) sectors.
CCData, approved by the Monetary Habits Authority (FCA) as a benchmark administrator, is a infamous provider of institutional-grade digital asset recordsdata. By leveraging tick recordsdata from globally identified exchanges and integrating a pair of datasets, CCData delivers a comprehensive market overview, including commerce, derivatives, insist books, besides to historic, social, and blockchain recordsdata.
Stablecoin Market Cap Rises for the 12th Consecutive Month
In September 2024, in maintaining with CCData, the stablecoin market saw a continued upward pattern, marking the twelfth consecutive month of development in its total market capitalization. Rising by 1.50%, the stablecoin market cap reached $172 billion. No topic this right magnify, the market clean remains below its pre-Might perchance perchance fair 2022 ranges, when the Terra Luna de-peg introduced on indispensable disruptions. While market capitalization climbed, stablecoin trading volumes took a downturn, with $683 billion in volume recorded as of the Twenty third of September.
Digital Yuan Transaction Quantity Crosses 7tn RMB
Per the CCData file, the digital yuan continued its posthaste expansion in China, reaching a cumulative transaction volume of 7 trillion RMB (roughly $988 billion) by the raze of June. This represents a month-on-month development of 6.10% and a fair about 300% magnify when compared with the transaction volume recorded in June 2023. The digital yuan’s rising volume underscores China’s strong push towards its central financial institution digital currency (CBDC), as reported by the Of us’s Monetary institution of China.
EURCV Expands to Solana Blockchain
The CCData file furthermore talked about that Societe Generale’s EURCoinVertible (EURCV) stablecoin is now location to be deployed on the Solana blockchain. This resolution follows an absence of demand for EURCV on the Ethereum network. No topic the expansion, trading volumes reside relatively low, with EURCV’s on-chain transfer volume reaching perfect $2.seventy nine million, and centralized exchange volume at $290,000 as of the 24th of September. This transfer objectives to elevate EURCV’s utility and adoption right thru the decentralized finance (DeFi) put.
Fed Hobby Price Cuts to Affect Stablecoin Revenues
Lastly, CCData predicted that the U.S. Federal Reserve’s resolution to chop interest charges by 50 basis positive aspects would own an instantaneous impact on centralized stablecoins. In step with the file, this rate cut is projected to lower interest earnings by $625 million yearly for the head five centralized stablecoins—USDT, USDC, FDUSD, PYUSD, and TUSD. These stablecoins collectively withhold $125 billion in U.S. Treasury sources, and the cut in charges is anticipated to diminish their returns on these holdings, affecting total income.
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