In June, the total market capitalisation of stablecoins fell 0.57% to $128bn (up to 19th June), the lowest stablecoins market cap since September 2021 and the fifteenth consecutive month of decline.

Key takeaways:

• Stablecoin trading volumes fell 10.0% to $414bn in May, recording the lowest monthly trading volume by stablecoins on centralised exchanges since December 2022
• In June, the market cap of USDT rose 0.03% to $83.2bn, after momentarily breaching its previous all-time high market cap of $83.3bn. USDT's stablecoin market share also rose to 64.6% from 64.3% in May.​
• The market share of fiat trading pairs compared to the volumes of stablecoin trading pairs dropped to 18.8% in June after the trading volume of fiat pairs fell 33.9% to $99.7bn.​