The stablecoin market reached a new all-time high in April with total market capitalization growing by 2.12% to $238B. This marks the nineteenth consecutive month of growth for stablecoin market cap. Despite this absolute growth, stablecoin market dominance has decreased to 7.88% from 8.64% in March. This relative decline can be attributed to strong performance in other cryptocurrency sectors, particularly Bitcoin's impressive weekly returns.
- USDT Trading Dominance Reaches 75.2% of Total Stablecoin Volumes: In April, the market capitalization of Tether (USDT) rose by 2.26% to $148B, marking its twentieth consecutive monthly increase. USDTs market share (market cap) also increased slightly this month, rising from 61.8% to 61.9%. Meanwhile, USDT's dominance in trading activity increased to 75.2% of total volume among stablecoins on centralized exchanges.
- Non-USD Fiat Stablecoins Surge in Demand: In April, the market capitalization of non-USD fiat stablecoins surged by 30.0% to $533M, marking the highest level since April 2022. Euro stablecoins continue to dominate the sector, commanding an 84.9% market share, followed by those pegged to the Brazilian Real and Swiss Franc, with market shares of 9.67% and 3.09%.
- USDC Market Cap Reaches New All-Time High: The market capitalization of USD Coin (USDC) rose 3.07% to $62.1B, recording a new all-time high for the stablecoin in April. The market share of USDC rose to 26.0%, the highest since February 2023. The stablecoin also saw its market share by trading volume on centralized exchanges rise to a new all-time high of 18.0%.
