In May 2024, the stablecoin ecosystem rebounded, achieving a market capitalization of $161 billion, marking a 0.63% increase from the month’s outset.While the stablecoin market has been surging, its dominance slightly dropped from 7% in March to 6.07% this month. The fall was due to crypto assets recovering in price after the unexpected spot Ethereum ETF
The largest of the cohort – Tether , achieved a record market cap of $111 billion as of May 29, boosting its BlackRock’s tokenized fund, BUIDL, surged 19.6% to $448 million, making it the largest treasury fund and surpassing Franklin Templeton’s BENJI. Notably, BUIDL represents a share in BlackRock’s USD Institutional Digital Liquidity Fund.
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Stablecoin market cap rises to 2-year highs as dominance slides to 6%: CCDataStablecoin market cap reaches $161 billion in May, reflecting traders' optimism amid the current crypto bull market.
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