As a researcher with a background in the cryptocurrency and stablecoin market, I find the recent data on the stablecoin market capitalization and dominance intriguing. The fact that stablecoins reached an all-time high of $161 billion in May 2024 is impressive, but the decrease in market dominance to 6.07% is noteworthy.
As a researcher studying the cryptocurrency market, I’ve recently discovered that the stablecoin market capitalization hit an all-time high of $161 billion in May 2024, as reported by CCData. This surpasses the previous peak from April 2022. However, it’s important to note that despite this impressive growth, the market dominance of stablecoins has decreased slightly to 6.07%, dropping from 7% in March. This decline can be attributed to a rebound in major crypto asset prices, fueled by the unexpected approval of a spot Ethereum ETF in the United States.
As a researcher, I’ve analyzed the latest developments in the stablecoin market and found that Tether (USDT) has once again taken the lead with an all-time high market cap of $111 billion, accounting for 69.3% of the total stablecoin market. Athena USDe’s market cap also saw a significant increase of 11.6%, reaching $2.61 billion, which can be attributed to its growing popularity as collateral on Bybit. Furthermore, BlackRock’s BUIDL token experienced a substantial surge of 19.6% and now holds the largest market cap among tokenized treasury funds at $448 million, surpassing Franklin Templeton’s BENJI.
The market cap of Circle’s USDC surged to a record-breaking $32.6 billion in March, representing the sixth consecutive monthly growth. This uptick is attributed to heightened demand and robust on-chain trading activities on platforms like Base and Solana. Notably, USDC’s trading volume hit an all-time peak during this period, boosting its market share by trading volume to 8.27%.
As an analyst, I’ve observed that stablecoin trading volumes on centralized exchanges decreased to approximately $829 billion by May 23, 2024. This trend of declining volumes is consistent with the post-Bitcoin halving periods. Regarding TUSD specifically, its market capitalization experienced a slight uptick to around $479 million. However, its trading volume took a significant hit due to several pair delistings on Binance.
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2024-05-30 04:21