Tether (USDT) and USD Coin (USDC) remain the largest stablecoins. Since the beginning of 2024, the number of wallets containing USDT and USDC has increased by 15.7% and 13.9%, respectively.
Santiment analysts note that the increase in the number of addresses is indicative of growing confidence in digital currencies that are backed by USDT.
CCData found that in May 2024, the market capitalization of digital currencies pegged to fiat money increased by 0.63% to reach $161 billion. Thus, the total supply of stablecoins reached the highest level since April 2022.
Due to the increasing share of ether in the crypto market after the approval of ETF funds, the dominance of stablecoins decreased from 7% to 6.07%. On May 23, trading volume involving dollar-backed digital currencies reached $829 billion on centralized bitcoin exchanges.
The capitalization of Tether set a new record, approaching $112 billion. The share of USDT in the stablecoin market is just under 70%.
USDC capitalization has been growing for six months in a row. At the end of May, it reached $32.6 billion, and the share of this stablecoin increased to 8.27%. The USDC turnover increased due to the deployment of this token in Solana and Base networks.