May Stablecoin On-Chain Trading Volume Declines by 30% to $846 Billion
CryptoNewsTerminal Staff31 May, 2024
May Stablecoin On-Chain Trading Volume Declines by 30% to $846 Billion
Stablecoin on-chain trading volume in May reached $846 billion, according to data from IntoTheBlock. This represents a 30% decline from April's trading volume of $1.2 trillion. Despite the decline, stablecoins remain a dominant force in the cryptocurrency market. They are used for a variety of purposes, including trading, payments, and lending. The decline in trading volume may be due to several factors, including the recent volatility in the cryptocurrency market, the growing popularity of decentralized finance (DeFi), and the increasing adoption of stablecoins by institutional investors. Despite the recent decline, stablecoins are expected to continue to play a major role in the cryptocurrency market. They offer a number of advantages over traditional fiat currencies, including lower transaction fees, faster settlement times, and greater transparency.
