Stablecoin MCap Drops To Lowest Since Sept 2021
According to the most recent CCData Stablecoins & CBDCs report, the market capitalization of stablecoins fell 0.57% to $128 billion in June. This is the lowest reading since September 20, 2021.
The numbers show the stablecoin market’s fifteenth straight month of decrease. Despite a dip in the overall value of stablecoins, market dominance grew to 11.8%, up from 11.0% in May. This is presently less than the all-time high of 16.6% set in December 2022.
Stablecoin trade volumes fell 10% to $414 billion in May, the lowest monthly trading volume on centralised exchanges since December 2022. The decrease in trading volume was caused by important cryptocurrencies remaining range-bound and failing to break critical support and resistance levels.
Tether (USDT), the leading stablecoin, experienced a 29.9% decline in trading volume in May, reaching $293 billion. In June, the market cap increased to $83.2 billion, but on June 15, USDT briefly depegged, dropping to $0.9878. The disruption was caused by a significant asset sale, causing USDT’s weightage to exceed 70%. Fiat trading pairs’ market share declined to 18.8% in June, with trading volume falling 33.9% to $99.7 billion. These declines are attributed to challenges faced by exchanges with their banking partners.
(With inputs from Shikha Singh)
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