The stablecoin market capitalization reached $161 billion in May 2024, according to a new report by CCData marking the highest level since April 2022.
Despite this increase, stablecoin market dominance decreased to 6.07%, down from 7% in March. This decline is attributed to a recovery in major crypto asset prices, spurred by the unexpected approval of a spot Ethereum ETF in the U.S.
Tether (USDT) continues to lead, achieving an all-time high market cap of $111 billion, representing 69.3% of the stablecoin market. Athena USDe’s market cap rose for the fifth month, up 11.6% to $2.61 billion, driven by its use as collateral on Bybit.
Meanwhile, BlackRock’s tokenized fund token BUIDL surged 19.6% to $448 million, surpassing Franklin Templeton’s BENJI as the largest tokenized treasury fund.
Circle’s USDC saw its market capitalization rise to $32.6 billion, marking the sixth consecutive monthly increase. This corresponds with increased demand and on-chain trading on networks such as Base and Solana. USDC’s trading volume reached an all-time high in March, with its market share by trading volume increasing to 8.27%.
Stablecoin trading volumes on centralized exchanges fell to $829 billion by May 23, 2024, continuing a trend of declining volumes post-Bitcoin halving events. TUSD’s market capitalization saw a slight rise to $479 million, but its trading volume dropped significantly, following several pair delisting son Binance.
Also Read: Russian Firms Opt for ‘Tether’ Stablecoins Amid US Sanctions
