The market capitalization of stablecoins increased by 2.1% to $164 billion in July, the highest level since April 2022.
Circle’s stablecoin trading volume spiked in July thanks to a surge in market inflows and new European rules for digital assets.
According to a July 31 report by CCData, the trading volume for USD Coin (USDC) pairs on centralized exchanges reached $135 billion as of July 25, while its market capitalization rose 5.4% to $33.6 billion.
With the implementation of the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework, Circle became the first stablecoin issuer to be approved by regulators in the region on July 1.
