web3: Stabilizing the currency market has been the biggest decline since the encrypted winter of 2022

In June, the stable currency market experienced its largest decline since the encrypted winter of 2022, with a shrinking water of about $7.7 billion, and the overall market declined by about $10 billion since its peak in May. Nevertheless, analysts believe that the long-term trend towards a stable currency continues.

According to RWA.xyz, the total value of the stable currency market has declined by about 3 per cent since May, a relatively moderate change from 26 per cent in 2022. The major market impacts came from Tether's USDT and Circe's USDC.

In an increasingly competitive environment, new compliance issuers have begun to encroach on USDT and USDC market shares. Despite the decline in the supply of these two main stable currencies, the circulation of some of the smaller competitors, such as Global Dollar and USDGO, increased.

Analyst Paul Howard stated that the current market reversal was only short-term fluctuations in long-term growth trends and that stable currencies would continue to play an important role in the digital asset ecosystem.