In May, the total market capitalisation of stablecoins fell 0.45% to $130bn (up to 23rd May). Trading volumes also declined, falling 40.6% to $460bn and recording the lowest monthly trading volume by stablecoins on centralised exchanges since December 2022.

Key takeaways:

• In May, the total market capitalisation of stablecoins reached its lowest level since September 2021 - falling 0.45% to $130bn. This is the fourteenth consecutive month of decline for the total stablecoins market cap.
• Stablecoin trading volume fell 40.6% to $460bn, recording the lowest monthly trading volume since December 2022. As of the 22nd May, only $292bn has been traded – with volumes on track to record an even lower monthly volume this month.