Stablecoin Market Cap Falls to $308.3 Billion in July as Outflows Extend to Third Month

Capital continued to flow out of the global stablecoin market, with cumulative net outflows reaching about $13.3 billion from May through July.

CryptoRank Research said total stablecoin market capitalization fell about 1% from a month earlier to roughly $308.3 billion in July, crypto media outlet BlockBeats reported on Aug. 17.

The market's capitalization has remained in a $300 billion to $320 billion range over the past 10 months. Since May, however, the market has posted net outflows for three straight months, bringing cumulative outflows to about $13.3 billion. CryptoRank said that is the longest stretch of net outflows since 2022-2023.

USDT and USDC showed diverging usage trends. USDT's on-chain transaction count rose 11.4% from the previous month to a record 861.4 million in July. USDC's transaction count came to 656.7 million.

USDC led in transfer value. Its on-chain transfer volume reached about $3.6 trillion in July, about 2.6 times USDT's $1.4 trillion.

Stablecoin use in payments also expanded. Stablecoin payment card top-ups exceeded $1 billion for the first time in July, reaching about $1.084 billion, up 15.9% from a month earlier. USDC top-ups rose 46% over the same period, far outpacing USDT's 7% increase.

Investment in the payments segment also continued. Funding for stablecoin payment-related projects totaled about $244 million in July, the second-largest investment category in the broader crypto industry.