Report: Total stablecoin market capitalization fell to around $308.3 billion in July, with net outflows for three consecutive months

In comparison, CryptoRank Research released a report that the total market value of stablecoins in July was about US$308.3 billion, down about 1% from June, and has remained in the range of US$300 billion to US$320 billion for 10 consecutive months; the cumulative outflow of capital of about US$13.3 billion from May to July is the longest running round of stablecoin net outflows from 2022 to 2023.

The usage of USDT and USDC is further divided. The number of USDT on-chain transactions reached a record high in July, reaching 861.4 million, an increase of 11.4% over the previous month; the number of USDC transactions fell to 656.7 million. In terms of on-chain transfer amounts, USDC leads USDT by about $3.6 trillion by $1.4 trillion, which is about 2.6 times the latter.

Stablecoin payment applications continued to grow. In July, the amount of stablecoin payment card deposits surpassed $1 billion for the first time, reaching about US$1,084 billion, an increase of 15.9%; among them, USDC recharge amounts increased 46% month-on-month, which is significantly higher than 7% of USDT. Furthermore, the payments sector raised around $244 million in July, ranking second in terms of the size of funding in the crypto industry.