The total market cap of stablecoins experienced a fall of 0.57% to $128 billion in June 2023 — the lowest figure since September 2021.
USDT saw its trading volume decline by 29.9% to $293 billion in May — the lowest since January 2020.
The market capitalization of stablecoins witnessed a fall of 0.57% to $128 billion in June, according to the latest CCData Stablecoins & CBDCsThe figures represent the fifteenth consecutive month of decline in the stablecoin market. Despite a drop in overall stablecoin market value, market dominance increased to 11.8%, rising from 11.0% in May. This is now lower than its all-time high of 16.6% experienced in December 2022.
In June, the market cap of USDT increased by 0.03% to $83.2 billion, after briefly surpassing its previous all-time high market cap of $83.3 billion. On 15 June, the stablecoin briefly depegged, plummeting as low as $0.9878. The disruption was triggered by a significant sale of the asset, resulting in USDT’s weightage in the pool exceeding 70%, outweighing other stablecoins.
Relative to stablecoin trading pairs, the market share of fiat trading pairs declined to 18.8% in June after the trading volume of fiat pairings fell by 33.9% to $99.7 billion. Fiat trade pairs have been plummeting as a result of the challenges the exchanges are facing with their banking partners.
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