{"id":8900,"date":"2024-05-30T06:36:15","date_gmt":"2024-05-30T06:36:15","guid":{"rendered":"https:\/\/www.cryptometer.io\/news\/?p=8900"},"modified":"2024-05-30T06:36:19","modified_gmt":"2024-05-30T06:36:19","slug":"stablecoin-market-cap-hits-2-year-high-as-dominance-slips-to-6","status":"publish","type":"post","link":"https:\/\/www.cryptometer.io\/news\/stablecoin-market-cap-hits-2-year-high-as-dominance-slips-to-6\/","title":{"rendered":"Stablecoin Market Cap Hits 2-Year High as Dominance Slips to 6%"},"content":{"rendered":"\n<p>The stablecoin market capitalization has reached a 24-month high of $161 billion in May, following eight consecutive months of growth, according to a new report by cryptocurrency analytics platform CCData.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Market Growth and Decline in Dominance<\/h3>\n\n\n\n<p>On May 29, CCData reported that the stablecoin market cap rose by 0.63% from the start of the month, reaching $161 billion. Despite this growth, stablecoin market dominance slightly decreased to 6.07%, down from 7% in March. This decline is attributed to the recovery in the prices of major crypto assets, reflecting improved market sentiment after the unexpected approval of a spot Ethereum ETF in the U.S.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Performance of Top Stablecoins<\/h3>\n\n\n\n<p>Among the top ten stablecoins, Athena USDe&#8217;s market cap climbed for the fifth consecutive month, increasing by 11.6% to $2.61 billion. This rise is linked to its expanded use as collateral for perpetual trading on Bybit.<\/p>\n\n\n\n<p>Tether (USDT), the largest stablecoin by market cap, reached an all-time high market cap of $111 billion as of May 29, increasing its market cap dominance to 69.3%.<\/p>\n\n\n\n<p>BlackRock\u2019s tokenized fund token, BUIDL, surged 19.6% to $448 million, making it the largest tokenized treasury fund and surpassing Franklin Templeton\u2019s BENJI. BUIDL represents a share in BlackRock\u2019s USD Institutional Digital Liquidity Fund and can be swapped to USDC on a 1:1 basis.<\/p>\n\n\n\n<p>Also Read: <a href=\"https:\/\/www.cryptometer.io\/news\/stripe-reintroduces-crypto-payments-using-stablecoins\/\">Stripe Reintroduces Crypto Payments Using Stablecoins<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Circle\u2019s USDC Performance<\/h3>\n\n\n\n<p>Circle\u2019s USDC market capitalization increased for the sixth consecutive month to $32.6 billion in May. This rise coincides with increased demand, as USDC pairs recorded an all-time high monthly trading volume in March. USDC&#8217;s market share by trading volume has risen for the second month to 8.27%. The report highlighted that USDC has benefited from increased on-chain trading activity on networks like Base and Solana, with the percentage of USDC supply on these chains rising to 9.29% and 7.78%, respectively.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Trading Volume Decline<\/h3>\n\n\n\n<p>Despite the market cap increases, stablecoin trading volumes on centralized exchanges fell to a monthly low of $829 billion on May 23. The report noted that trading activity on centralized exchanges historically declines in the two months following the Bitcoin halving event.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Market Recovery<\/h3>\n\n\n\n<p>Overall, the CCData report concludes that the total market capitalization of stablecoins has now recovered from the losses incurred since the collapse of the Terra Luna ecosystem and the near-total depeg of the algorithmic stablecoin TerraClassicUSD (USTC), which initiated a seventeen-month downtrend.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The stablecoin market capitalization has reached a 24-month high of $161 billion in May, following eight consecutive months of growth, according to a new report by cryptocurrency analytics platform CCData. Market Growth and Decline in Dominance On May 29, CCData reported that the stablecoin market cap rose by 0.63% from the start of the month, [&hellip;]<\/p>\n","protected":false},"author":18,"featured_media":8901,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[259,18],"tags":[],"class_list":{"0":"post-8900","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-altcoins","8":"category-market-updates"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Stablecoin Market Cap Hits 2-Year High as Dominance Slips to 6%<\/title>\n<meta name=\"description\" content=\"The stablecoin market capitalization has reached a 24-month high of $161 billion in May, following eight consecutive months of growth, 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