According to a new report from CCData, the stablecoin market cap has reached its highest level since April 2022 after showing growth for eight consecutive months. The cryptocurrency analytics platform reported on May 29 that the stablecoin market cap reached $161 billion, up 0.63% since the beginning of the month. However, stablecoin market dominance decreased slightly from 7% in March to 6.07%.

Athena USDe's market capitalization increased for the fifth consecutive month, rising 11.6% to $2.61 billion. CCData attributes this increase to the expansion of its use as collateral for continuous trading on Bybit.

Tether (USDT), the stablecoin with the highest market cap, recorded an all-time high market cap of $111 billion as of May 29, increasing its stablecoin market cap dominance to 69.3%.

The report also shows that Circle's USDC (USDC) market cap rose to $32.6 billion for the sixth month in a row. This increase is in line with the increase in demand as USDC pairs recorded an all-time high monthly trading volume in March.

According to the report, USDC benefited from increased on-chain transaction activity on networks such as Base and Solana, with the percentage of USDC supply on these networks increasing to 9.29% and 7.78% respectively.

However, stablecoin trading volumes fell to a monthly low of $829 billion on May 23 on centralized exchanges.

As a result, the CCData report concludes that the total market cap of stablecoins has now recovered from the losses experienced since the collapse of the Terra Luna ecosystem and the almost 100% depeg of the algorithmic stablecoin TerraClassicUSD (USTC). We are waiting your comments.#blockchain#cryptocurrency #stablecoin