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The stablecoin market capitalization reached $161 billion in May 2024, according to a new report by CCData marking the highest level since April 2022.&nbsp; 
Despite this increase, stablecoin market dominance decreased to 6.07%, down from 7% in March. This decline is attributed to a recovery in major crypto asset prices, spurred by the unexpected approval of a spot Ethereum ETF in the U.S. 
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 Source: <a href="https://uploads-ssl.webflow.com/63e3774c88285e5c6cbf3b9d/66572af8f3f0dc56329149d3_Stablecoins%20%26%20CBDCs%20Report%20May%202024.pdf?utm_medium=email&amp;_hsenc=p2ANqtz-_zHfkd4OOzpiSw968fQu7LwSun25nsUuGzqStqpHStCKpkTICPDpmSlIdqj-bhEPntYe_527OOE3gMt4S3yeH8V-V__QSA-83TaHQw7Vs_THD954Q&amp;_hsmi=88566049&amp;utm_content=88566049&amp;utm_source=hs_automation" target="_blank" rel="noreferrer noopener nofollow">CCData</a>
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Tether (USDT) continues to lead, achieving an all-time high market cap of $111 billion, representing 69.3% of the stablecoin market. Athena USDe’s market cap rose for the fifth month, up 11.6% to $2.61 billion, driven by its use as collateral on Bybit.&nbsp; 
Meanwhile, BlackRock’s tokenized fund token BUIDL surged 19.6% to $448 million, surpassing Franklin Templeton’s BENJI as the largest tokenized treasury fund. 
Circle’s USDC saw its market capitalization rise to $32.6 billion, marking the sixth consecutive monthly increase. This corresponds with increased demand and on-chain trading on networks such as Base and Solana. USDC’s trading volume reached an all-time high in March, with its market share by trading volume increasing to 8.27%. 
Stablecoin trading volumes on centralized exchanges fell to $829 billion by May 23, 2024, continuing a trend of declining volumes post-Bitcoin halving events. TUSD’s market capitalization saw a slight rise to $479 million, but its trading volume dropped significantly, following several pair delisting son Binance. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/05/29/russian-firms-use-stablecoins-for-cross-border-trade-with-china/" target="_blank" rel="noreferrer noopener">Russian Firms Opt for ‘Tether’ Stablecoins Amid US Sanctions</a> 
</blockquote>

Stablecoin Market Capitalization Reaches $161B in May 2024

The Crypto Times

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