According to a recent CCData report, stablecoin trading volumes on centralized exchanges (CEXs) hit a seven-month low in June.

This decline follows a decline in trading volume for 3 consecutive months.

Stablecoin market shows mixed signals: Capitalization up, volume down

CCData analysis points to a significant drop in stablecoin trading volume. In June, this number plummeted 18% to $97 billion. However, the total market capitalization of stablecoins increased for nine consecutive months during the reporting period.

The report revealed the global stablecoin market capitalization increased 0.53% month-over-month to $161 billion. This figure is the highest stablecoin market capitalization since April 2022, but growth has slowed since May.

Furthermore, CCData noted that the market share of stablecoins increased from 6.22% in May to 6.83% in June. This increase is attributed to investors divesting from technical assets more volatile cryptocurrencies, such as Bitcoin and Ethereum, opt for the relative safety of stablecoins amid market uncertainty.

USDT – the leading stablecoin by market capitalization maintained its dominance in June. USDT's market capitalization increased by 0.97% compared to May. It held a significant market share of 70% during the period .

Other stablecoins, like Ethena's USDE, also attracted attention with significant month-on-month growth. USDE's market capitalization has increased for 6 consecutive months, with a 21.2% increase in June alone.

Although the total market capitalization and market share of stablecoins increased, trading volumes slowed reflecting uncertainties in the broader market. This trend has been ongoing since April, coinciding with Bitcoin's halving, often impacting trading activity and overall market behavior.

However, a June report from Coinbase offered a positive outlook for the stablecoin segment in the long term. The report highlights the growing interest and utility in stablecoins, especially in cross-border transactions.

Top 5 stablecoins and tokenization use cases | Source: Coinbase

For example, PayPal's support for cross-border stablecoin transfers across 160 countries without transaction fees is considered a significant development. Furthermore, the annual payment volume of stablecoins reaches $10 trillion by 2023, more than 10 times the amount of global remittances. This significant volume demonstrates the growing market acceptance and reliance on stablecoins for a variety of financial transactions.

“Most leading companies are interested in the potential benefits of stablecoins and other tokens, especially for faster, cheaper transactions. 7 out of 10 Fortune 500 executives are interested in learning more about stablecoin use cases, primarily payments with instant processing times and lower fees,” the Coinbase report said.



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