- The numbers represent the fifteenth consecutive month of decline in the stablecoin market.
- USDT saw its trading volume fall 29.9% in May to $293 billion – the lowest since January 2020.
Stablecoins market cap fell 0.57% to $128 billion in June, according to latest CCData Stablecoins & CBDCs report. This is the lowest figure since September 2021.
The numbers represent the fifteenth consecutive month of decline in the stablecoin market. Despite a fall in the overall market value of stablecoin, market dominance increased to 11.8%, up from 11.0% in May. This is now lower than the all-time high (ATH) of 16.6% in December 2022.
Source: CCData
Stablecoin trading volumes fell 10% to $414 billion in May, the lowest monthly trading volume on centralized exchanges (CEXs) since December 2022. large support and resistance levels succeeded
USDT takes a hit
Tether (USDT), the leading stablecoin, saw its trading volume drop 29.9% to $293 billion in May. This was the lowest trading volume for USDT since January 2020 and marks the second consecutive month in which trading volume declined.
In June, USDT’s market cap rose 0.03% to $83.2 billion after briefly surpassing its previous all-time high (ATH) market cap of $83.3 billion.
On June 15, the stablecoin briefly dipped and fell to $0.9878. The disruption was caused by a significant sale of the asset, pushing USDT’s weight in the pool to over 70% and outweighing other stablecoins.
Relative to stablecoin trading pairs, the market share of fiat trading pairs fell to 18.8% in June after fiat pairs trading volume fell 33.9% to $99.7 billion. Fiat trading pairs have plummeted due to the challenges the exchanges are facing with their banking partners.