TechFlow news, according to Reuters, research firm CCData noted that while the entire crypto ecosystem has rebounded from its 2022 lows, the stablecoin industry's market capitalization has declined for 18 consecutive months, shrinking by nearly one-tenth to $124.4 billion as of September 14 (approximately $123.7 billion today).
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USDT’s market cap dipped below $80 billion in the first quarter of this year but reached a record high of $83.8 billion in July, before slightly declining to around $82.9 billion currently. Paolo Ardoino, Tether's chief technology officer, said USDT maintains user stickiness because it is highly popular in certain regions, particularly emerging markets, Latin America, and Central Asia.
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USDC’s market cap has dropped more than 53%, currently sitting just above $26 billion, down from its all-time high set in June last year. Dante Disparte, Circle’s chief strategy officer and head of global policy, said although the collapse of Silicon Valley Bank and other regional banks earlier this year continues to create market uncertainty, he emphasized growth isn't the sole measure of the company’s success. “The U.S. has gone through a period of derisking, but this isn’t due to regulatory uncertainty. It’s more about the lingering effects of the banking crisis, and even so, we’ll start to see some market adjustments,” he said.
