The decline in the total crypto market cap has resulted in a significant growth of stablecoin market share, which recently hit a new ATH of 16.4%.

There has been a small reshuffle amongst the top stablecoins: USDC market share is rapidly growing, while USDT declines. DAI and Frax, two dominant algorithmic stablecoins, have a combined market share of 5%. However, the total market cap of stablecoins is continuing to decline after the collapse of USTC.

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