- At the same time, USDT strengthened its dominant position
- And the share of USDC has significantly decreased
Total market capitalization of stablecoins falls 14th consecutive month. According to recent data, it is $129 billion. A year ago, this metric was equal to $186 billion. At this level, the market capitalization of stablecoins is at its lowest level since September 2021.

Not only market capitalization is falling, but also the volume of asset trading. It fell 40.6% to $460 billion in May, the lowest trading volume on centralized exchanges since December 2022.
However, this phenomenon did not affect the popularity of stablecoins. The dominance of assets in the market increased to 11.1% (in April it was 9.76%). Although this is far from the all-time high of 16.6% recorded in December 2022.
Tether USDT remains the leader of stablecoins by market capitalization and controls 63.9% of the market. This is its highest share since December 2021. The number of coins in circulation is $83.2 billion, which is close to its ATH of $83.7 billion. The market capitalization of TUSD and Gemini Dollar has also increased.

However, other major stablecoins are seeing a decline. The market capitalization of BUSD has fallen for the sixth month in a row, and now stands at $5.48 billion (minus 11.9%). USDC’s market capitalization has fallen by 3.5% and is now below the $30 billion mark. Investor confidence in USDC has fallen after it was hit by the US banking crisis. Now the company is changing the structure of reserves to protect itself in the event of a default by Washington.