Stablecoin market cap drops $10B from May peak

The total market capitalization of stablecoins has decreased by approximately $10 billion from its peak in May, marking the largest decline since the Terra-Luna collapse in May 2022, CoinDesk reported. The market cap of USDT fell by around $6 billion, while USDC's dropped by about $7 billion. The outlet added that the prevailing analysis suggests this reduction, which represents about 3% of the total market cap, is merely a temporary correction amid a long-term growth trend.