Stablecoin Market Cap Hits Its Lowest Level in More Than a Year

Stablecoin market capitalization has fallen to its lowest level in more than a year, with analyst Darkfost's measure putting the total near $263 billion, down roughly 6% since April. The combined value is about $17 billion below April's level of roughly $280 billion. The decline adds to a monthlong contraction in stablecoin capitalization . Binance, a cryptocurrency exchange, accounts for about 70% of stablecoin reserves held at centralized exchanges. Its own stablecoin holdings continued to decline over the past year. Darkfost said recent security incidents worsened that retreat.