Posted 10/6/2023, 7:20:07 PM
Stablecoin Market Shrinks to Lowest Levels Since 2020 Amid Crypto Downturn
- Stablecoin market capitalization has shrunk to $123.8 billion, the smallest amount since August 2021
- Stablecoin trading volume on exchanges dropped 28.4% to $331 billion in September, lowest since July 2020
- Decline comes amid overall crypto market downturn in 2022 due to scandals and bankruptcies
- Tether remains dominant, now accounting for 67.3% of total stablecoin market
- PayPal's newly introduced stablecoin has market cap of only around $110 million so far
