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CCData's Stablecoins & CBDCs Report offers insight into the latest developments in the stablecoin and CBDC sector, focusing on analysis that relates to market capitalisation, trading volume, peg deviation and more.
In May, the total market capitalisation of stablecoins fell 0.45% to $130bn (up to 23rd May). Trading volumes also declined, falling 40.6% to $460bn and recording the lowest monthly trading volume by stablecoins on centralised exchanges since December 2022.
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- In May, the total market capitalisation of stablecoins reached its lowest level since September 2021 - falling 0.45% to $130bn. This is the fourteenth consecutive month of decline for the total stablecoins market cap.
- Stablecoin trading volume fell 40.6% to $460bn, recording the lowest monthly trading volume since December 2022. As of the 22nd May, only $292bn has been traded – with volumes on track to record an even lower monthly volume this month.
- In April, TUSD experienced the largest growth among stablecoins, rising 670% to $38.4bn and recording an all-time high monthly trading volume for the stablecoin, courtesy of the zero-fee trading feature on Binance. TUSD is now the fifth-largest stablecoin by market cap and the second-largest traded stablecoin, per the latest data in May.
- USDT trading volume fell by 41.1% to $418bn, following the general trend in the market. USDT's dominance by trading volume fell for the first time in three months, falling to 78.0% from 78.5% in March.
- Stablecoin balances on centralised exchanges paint a contrasting image, with USDC and DAI balances declining to levels last seen in March 2021. Meanwhile, USDT balances on centralised exchanges rose to $9.33bn, reaching pre-FTX collapse levels.
Stablecoin Market Cap Declines for 14th Consecutive Month
In May, the total market capitalisation of stablecoins fell 0.45% to $130bn (up to 23rd May), the lowest stablecoins market cap since September 2021 and the fourteenth consecutive month of decline.
Although the total stablecoin market capitalisation declined, its market dominance rose to 11.1%, with major crypto assets staying range-bound after failing to break key support and resistance levels.
Stablecoin Trading Volume Drops to Yearly Lows
Stablecoins trading volume fell 40.6% to $460bn in May, recording the lowest monthly trading volume by stablecoins on centralised exchanges since December 2022. The drop in trading volume comes with major crypto assets staying range-bound and failing to break key support and resistance levels.
TUSD Becomes Second Largest Stablecoin by Trading Volume
In May, TUSD trading volumes on centralised exchanges totalled $29bn (as of the 23rd), making it the second largest stablecoin by trading volume - surpassing BUSD and USDC for the first time. Earlier in the month, the stablecoin traded at a premium of $1.208 on Binance due to increased demand and liquidity.
The information provided by this report does not constitute any form of advice or recommendation by CCData. Any redistribution of charts appearing in this Review must cite CCData as the sole provider and creator.
