Market Cap of Stablecoins Reaches Record High
According to a new report by CCData, the market capitalization of stablecoins has reached its highest level since April 2022 after eight months of continuous growth. By the end of May 2024, the aggregate capitalization of stablecoins reached $161 billion, which is 0.63% higher compared to the beginning of the month.
Decrease in Market Share of Stablecoins
However, despite the increase in capitalization, the market share of stablecoins has slightly decreased. In March, their share was 7%, but by the end of May, it had decreased to 6.07%. This decline in percentage is attributed to the rise in prices of major cryptocurrencies and the approval of Ethereum spot ETFs in the USA.
USDe Shows Continuous Growth
Among the top ten largest stablecoins, USDe has been continuously increasing its capitalization in the last five months. This stablecoin increased its capitalization by 11.6%, reaching $2.61 billion, mainly due to its active use for perpetual trading on the Bybit cryptocurrency exchange.
Tether (USDT) Remains Dominant
Tether (USDT) still remains at the top of the stablecoin list, occupying 69.3% of the market with a capitalization of $111 billion. In second place is USDC from Circle with a capitalization of $32.4 billion and a market share of 8.27% by the end of May.
Steady Growth Despite Decrease in Share
Despite a slight decrease in the stablecoin share in the overall market volume, their capitalization continues to demonstrate steady growth. This indicates continued interest in stable cryptocurrencies and broader changes in the cryptocurrency landscape.
