🔥🔥🔥 #stablecoin market cap rises to 2-year highs as dominance slides to 6%: CCData
The stablecoin market has reached a 24-month high, with a total market capitalization of $161 billion in May, marking eight consecutive months of growth.
According to CCData's latest report, stablecoin market capitalization surged by 0.63% from the beginning of May, reaching $161 billion. However, stablecoin market dominance slightly decreased to 6.07%, down from 7% in March.
Leading the pack, Tether (USDT) recorded an all-time high market cap of $111 billion as of May 29, securing a dominant market share of 69.3%.
Among the top ten stablecoins, Athena USDe's market cap increased for the fifth consecutive month, rising by 11.6% to $2.61 billion. This surge is attributed to its expanded use as collateral for perpetual trading on Bybit.
#BlackRock ’s tokenized fund token BUIDL experienced a significant surge of 19.6%, reaching $448 million, surpassing Franklin Templeton’s BENJI to become the largest tokenized treasury fund. BUIDL represents a share in BlackRock’s USD Institutional Digital Liquidity Fund and can be swapped to USDC on a 1:1 basis.
USDC pairs recorded an all-time high monthly trading volume in March, with USDC's market share by trading volume rising for the second consecutive month to 8.27%. The report highlighted increased on-chain trading activity on networks like Base and Solana, with the percentage of USDC supply on these chains also on the rise.
Despite these increases, stablecoin trading volumes on centralized exchanges fell to a monthly low of $829 billion on May 23. The report attributes this decline to historical trends, noting that trading activity on centralized exchanges tends to decrease in the two months following a #BitcoinHalving event.
Overall, the CCData report concludes that the total market capitalization of stablecoins has recovered from losses incurred since the collapse of the Terra Luna ecosystem and the depegging of TerraClassicUSD ($USTC ), initiating a seventeen-month downtrend.
Source - cointelegraph.com
