Stablecoin market cap rises to 2-year highs as dominance slides to 6%: CCData
After eight consecutive months of ascent, the stablecoin market capitalization has risen to a 24-month high of $161 billion in May.
According to a new report by CCData, stablecoin market capitalization reached its highest level since April 2022, following eight consecutive months of growth.
The cryptocurrency analytics platform reported on May 29 that the stablecoin market cap rose 0.63% from the start of the month, reaching $161 billion. However, stablecoin market dominance slightly decreased to 6.07%, down from 7% in March.
Of the top ten stablecoins, Athena USDe’s market cap climbed for the fifth straight month, increasing 11.6% to $2.61 billion. CCData attributes this rise to its expanded use as collateral for perpetual trading on Bybit.
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Author: Nancy Lubale
