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<ul>
 <li>Stablecoins hit a $161B market cap, a 2-year high, led by USDT’s record $111B.</li>
 <li>USDC market cap grows to $32.6B amid increased trading volumes.</li>
 <li>Despite a market cap rise, trading volumes on exchanges dropped to $829B.</li>
</ul>
<p>In a sustained growth trajectory, the market capitalization of stablecoins has touched a two-year peak at $161 billion as of May 2022. This milestone follows eight months of consistent upward movement, marking a significant rebound since the Terra Luna financial debacle.</p>
<p>Despite the overall market cap surge, stablecoins’ dominance has seen a modest decline to 6.07%, compared to 7% in March. This decrease mirrors the broader recovery across major cryptocurrency assets, notably after the U.S. greenlighted a spot Ethereum ETF.&nbsp;</p>
<p>Amidst these shifts, Tether (USDT) has not only maintained its leading position but has also achieved a record market cap of $111 billion, accounting for 69.3% of the stablecoin market’s total value.</p>
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   <p lang="en" dir="ltr">2/ TetherUSD market cap rose 0.98% to $111bn in May, hitting an all-time high.<br><br>Currently, <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDT</a> dominates with 69.3% market share &amp; 77.0% of trading volumes among the top 10 stablecoins on centralised exchanges. <a href="https://t.co/5erGScmlb2" rel="noopener noreferrer nofollow">pic.twitter.com/5erGScmlb2</a></p>— CCData (@CCData_io) <a href="https://twitter.com/CCData_io/status/1795827029826572289?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 29, 2024</a>
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<p>Athena USDe, another prominent stablecoin, reported an 11.6% increase in market cap, reaching $2.61 billion. This growth is largely attributed to its expanded role as collateral in perpetual trading platforms like Bybit.</p>
<p><strong>Emerging Trends and Market Adjustments</strong></p>
<p>Conversely, trading volumes on centralized exchanges have tapered off, settling at a monthly low of $829 billion by May 23. Analysts associate this downturn with the cyclic impact following Bitcoin’s halving event, which traditionally led to a temporary slowdown in trading activities.</p>
<p>Moreover, Circle’s USDC has seen a consistent increase in its market cap, which stood at $32.6 billion in May. This uptick is supported by heightened trading volumes and the growing adoption of blockchain networks such as Base and Solana. As a result, USDC’s market share by trading volume climbed to 8.27%.</p>
<p>Overall, the data from <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="noopener noreferrer nofollow">CCData</a> underscores a robust recovery in the stablecoin sector, signifying a steady regain of investor confidence and market stability following past uncertainties. The current landscape of the cryptocurrency market, especially within the realm of stablecoins, reflects a complex interplay of growth, adoption, and market adaptability.</p>
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<p>The post <a href="https://cryptonewsland.com/stablecoins-hit-two-year-high-usdt-leads-with-111b-cap/" rel="noopener noreferrer nofollow">Stablecoins Hit Two-Year High, USDT Leads with $111B Cap</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Stablecoins Hit Two-Year High, USDT Leads with $111B Cap

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