After eight consecutive months of ascent, the stablecoin market capitalization has risen to a 24-month high of $161 billion in May.The cryptocurrency analytics platform reported on May 29 that the stablecoin market cap rose 0.63% from the start of the month, reaching $161 billion. However, stablecoin market dominance slightly decreased to 6.07%, down from 7% in March.Athena USDe's market cap climbed for the fifth straight month, increasing 11.6% to $2.61 billion.
This increase aligns with a rise in demand, with USDC pairs recording an all-time high monthly trading volume in March. USDC's market share by trading volume has risen for the second month to 8.27%. The report noted 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.
Despite the market cap rises, stablecoin trading volumes on centralized exchanges fell to a monthly low of $829 billion on May 23. Overall, the CCData report concludes that the total market capitalization of stablecoins has now recovered from the losses incurred since theThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.5 things Ethereum ETFs could mean for altcoins