Stablecoin Trading Volume on Centralized Exchanges Hits 7-Month Low in June

IconCryptoNewsTerminal Staff11 Jul, 2024

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Stablecoin Trading Volume on Centralized Exchanges Hits 7-Month Low in June

Stablecoin trading volume on centralized exchanges (CEX) plunged 18% in June, marking the lowest level in seven months, according to data from CCData cited by CryptoQuant. Despite the decline in trading volume, the global stablecoin market capitalization increased by 0.53% month-over-month to $161 billion, the highest level since April 2022. However, the pace of market cap growth has slowed since May. Amid market uncertainty, investors have flocked to the relative safety of stablecoins, cashing out of volatile assets like Bitcoin and Ethereum. This has led to an increase in the market share of stablecoins, which rose from 6.22% in May to 6.83% in June. ```

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