Stablecoins grow against the trend, with a weekly total market value increase of 0.43%, reaching a historical high

Despite the cooling of the cryptocurrency market, stablecoins continue to develop rapidly. According to DefiLlama data, the total market capitalization of stablecoins increased by 0.43% over the past week, with a circulating market cap of $31.7255 billion, reaching a historic high.

Meanwhile, the market share of USDT continues to decline, falling below 60% to currently report 58.03%. The stablecoin USDS under Sky has seen significant growth, with a circulating market cap increase of 9.57% over the past week, currently reporting a circulating market cap of $8.924 billion, making it the third largest stablecoin by market cap.