Stablecoins’ total market cap is down significantly, with a decline of more than $50 billion over the past 14 months.
According to Defillama, the stablecoin market cap is currently at $129 billion, down from over $186 billion in May 2022 when Terra UST depegged.
Stablecoins Decline For 14 Straight Months
At this rate, the industry’s market cap is at its lowest since September 2021, according to CCData.
Even before the UST collapse, the stablecoin market was already seeing declines. But the crash further hastened the drop. CCData reported that stablecoins’ total market cap fell by 0.45% in May, making it the 14th consecutive month of decline.
Besides the drop in market cap, the asset’s trading volume also dropped significantly in May. It fell by 40.6% to $460 billion. This is the lowest trading volume on centralized exchanges since…
