The market capitalization of stable currencies is the lowest in the last two years!

Even though we are in the months when regulation and putting it under legal norms is trading stable currencies have never been more active, their market capitalization is constantly in decline. According to the research of CCData, one significant data stands out, and it is the eighteenth in a row a month of falling stablecoin market capitalization, culminating in a new low of 124 billion dollars.

The main feature of stable currencies is a fixed connection to a specific FIAT currency such as of the US dollar, and avoiding price volatility unlike other cryptocurrencies. Two well-known cryptocurrencies in the stablecoin category, Tether (USDT) and DAI, showed modest gains despite the downward trends affecting the entire market.

The USDT stablecoin market capitalization increased by $334 million, indicating the monthly growth of 0.4%, maintaining its dominant position with a share of 67.2 percent. Growing demand for Tether on cryptocurrency exchanges is one contributing factor its increase. According to an investigation earlier this week, there is now 24.7 percent of USDT at stock exchanges, compared to 17.6 percent.

As for the trading volume of stable currencies on centralized exchanges, such as Coinbase Global Inc., fell 28 percent to $331 billion in September. From July 2020 this reduction marks the lowest monthly total.

The latest news about the regulation of stable currencies comes to us from Canada. Namely, Canadian securities administrators (CSA) provided guidance to stock exchanges and issuers cryptocurrency about their temporary access to what they call crypto asset s benchmark, with special emphasis on stable currencies.

On October 5, the umbrella organization of Canada’s provincial and territorial regulators of securities published a clarification saying that it can allow trading to certain cryptocurrencies that refer to the value of one fiat currency, subject to the provisions and conditions.

It will certainly be interesting to follow the implementation of the MiCA regulation in the European area of the Union.

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