Tether, the largest stablecoin by market capitalization, recorded a 1.61% increase, reaching $116 billion and setting a new all-time high. This marks the eleventh consecutive monthly increase in Tether's market cap.

According to DefiLlama, Tether (USDT) controls nearly 70% of the stablecoin market share. Additionally, the company reported record profits of $5.2 billion in the first half of 2024 on July 31.

While other major stablecoins like USD Coin (USDC), BlackRock’s BUIDL, and PayPal USD (PYUSD) saw increases, First Digital USD (FDUSD) and Ethena USDe experienced decreases in their market capitalizations.

Among the top ten stablecoins, PayPal USD saw the most growth, rising 17.9% to $589 million, achieving a new all-time high. On the other hand, USDC now represents 73.5% of the market share (excluding Tether) among the top ten stablecoins by market capitalization.

The report highlights that trading volumes for USDC pairs on centralized exchanges increased by 48.1%, reaching $135 billion, benefiting from the stablecoin’s compliance with the Markets in Crypto-Assets (MiCA) regulation following its implementation in Europe last month.

Overall, stablecoin trading volumes fell by 8.35%, totaling $795 billion in July, due to decreased activity on centralized exchanges. Despite this, the report indicates a trend towards higher monthly volumes following the launch of spot Ethereum ETFs and the positive sentiment expressed at the Bitcoin Conference 2024 last week.

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