In May, the total market capitalisation of stablecoins rose 0.63% to $161bn, recording the eighth consecutive increase in the end-of-month market cap to reach its highest level since April 2022.

• Stablecoin trading volume fell 32.8% to $1.46tn in April, recording the first decline in monthly stablecoins trading volume on CEXs in seven months.
• Stablecoin market dominance currently stands at 6.07%, down from 7.01% in April. This decline underscores a recovery in the prices of major crypto assets, reflecting improved market sentiment following the unexpected approval of a spot Ethereum ETF in the US.
• In May, the market cap of TetherUSD (USDT) rose by 0.98% to $111bn, a new all-time high for the stablecoin.