As a seasoned crypto investor with a keen interest in stablecoins, I’ve witnessed the rollercoaster ride that this sector has been on over the past year. The latest CCData Stablecoins & CBDCs Report for May 2024 has brought renewed optimism to the community, as we see the total market capitalization of stablecoins reaching an impressive $161 billion – a level not seen since April 2022.
As a researcher studying the stablecoin market, I’ve observed an intriguing development: The market capitalization of stablecoins has recently hit its peak since the previous year in April 2022. This growth represents eight successive months of expansion, as indicated by our latest CCData report on “Stablecoins & CBDCs.”
As a researcher specializing in digital assets, I’d describe CCData as follows: I work with CCData, an FCA-authorized benchmark administrator and a key player in the digital asset data industry. CCData provides me with comprehensive insights into the digital asset market using real-time tick data sourced from reputable exchanges. Additionally, they integrate various datasets to offer a complete market perspective that covers trades, derivatives, order books, historical data, social media trends, and blockchain transactions.
The sector involving stablecoins has seen significant expansion and increased attention in recent times. These digital currencies, which maintain a steady value relative to traditional fiat money, are crucial for facilitating transactions in the world of cryptocurrencies. However, controversies such as Tether’s collateral concerns and the failure of TerraUSD have sparked worries among investors and regulatory bodies.
The monthly Stablecoins Report published by CCData sheds light on significant advancements within the stablecoin sector. This comprehensive analysis covers market capitalization and trading volumes, meticulously classified based on collateral types and pegged assets. Suitable for various audiences, this resource caters to crypto enthusiasts seeking a general understanding, as well as investors, analysts, and regulators in search of detailed insights.
The May 2024 edition of CCData’s Stablecoins & CBDCs Report indicates that the market capitalization of stablecoins has reached an astounding $161 billion, representing the eight consecutive monthly growth in this metric. This significant jump brings the total back to its highest point since April 2022, demonstrating a robust rebound from the substantial declines instigated by the failure of TerraUSD, which had initiated a prolonged slump lasting seventeen months.
In recent months, Circle’s USDC stablecoin has spearheaded the revival, with its market capitalization hitting a new high of $32.6 billion in May. This growth is in line with increased demand for USDC, resulting in record-breaking monthly trading volumes for USDC pairs in March. As a result, USDC’s market share based on trading volume has risen for the second month in a row, currently accounting for an impressive 8.27%.
As an analyst, I’m here to provide insights based on data and trends. In the latest development, Tether Holdings has reported a substantial quarterly profit of $4.52 billion for Q1 2024, as per their reserves announcement. This impressive figure correlates with USDT’s continued growth in market capitalization. For the past nine months, this key metric has been on an upward trajectory, starting from $82.8 billion in August 2023 and reaching its current value of $111 billion.
Despite the widespread adoption of stablecoins, Nigeria’s central bank digital currency, e-Naira, has yet to experience notable growth. According to recent IMF figures, the e-Naira has seen a relatively low volume of transactions since its October 2021 debut. To date, only approximately 854,512 transactions have taken place using this CBDC currency. The total value of these transactions amounts to around 29.3 billion Nigerian Naira, which equates to roughly $7.3 billion – a modest increase from the last update in March 2023.
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2024-05-30 11:05