The stablecoin market has recently experienced notable shifts. According to DefiLlama, the total market capitalization of stablecoins has fallen below $204 billion, currently standing at $203.68 billion—a 0.54% decrease over the past week. Notably, USDT holds a dominant market share of 67.46%.

In response to the European Union’s Markets in Crypto-Assets (MiCA) regulations, Coinbase has announced plans to delist stablecoins that do not comply with these new standards by December 30, 2024. This action will affect several stablecoins, including Tether’s USDT, Paxos (PAX), PayPal’s PYUSD, Gemini Dollar (GUSD), GYEN, and DAI. Coinbase will continue to support MiCA-compliant stablecoins such as USD Coin (USDC) and the euro-backed EURC, co-operated with Circle. Users are advised to convert their holdings of noncompliant stablecoins into approved alternatives before the deadline. 

These developments highlight the dynamic nature of the stablecoin market and the increasing influence of regulatory frameworks on digital assets.