The global cryptocurrency market has been struggling with the bearish market, and the stablecoin market is no exception. According to Binance Research, the stablecoin market capitalization has seen a consecutive decline in valuation over the past 18 months, reaching its lowest point since September 2021 at $123.8 billion. Despite the downtrends, two popular stablecoins, Tether (USDT) and DAI, have seen mild increases. Tether’s market cap has increased by $334.7 million, representing a 0.4% month-on-month (MoM) uptrend, while DAI has seen a $283.4 million increase in market cap, representing a 5.4% MoM uptick.Despite the bearish trends, the stablecoin market continues to play an important role in the crypto space and global financial system. This year, the stablecoin market cap has seen substantial increases, such as when the crash of financial banks like Silicon Valley and Silvergate was accompanied by a rise in the stablecoin business. In June, the market saw another uptick, fueled by a surge in the market cap of the TrueUSD stablecoin.

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Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	8
People	None
Companies	Silicon Valley Bank, TrueUSD, DeFiLlama, Silvergate Bank, MakerDAO, Binance
Currencies	Tether, TrueUSD, Ethereum, Bitcoin, Dai
Securities	None