Stablecoins Ignite Record-Breaking May, Supply Jumps To $244B – Data
May experienced a significant increase in stablecoin transactions, establishing them as the primary method for on-chain payments. Over 33 million wallets engaged in stablecoin transactions, indicating a shift from native tokens. BNB Smart Chain and TRON reported over 10 million and 9 million active wallets, respectively, due to their lower fees and faster transaction speeds compared to older chains like Ethereum. The total supply of stablecoins rose to $244 billion, with Tether's USDT leading at over $153 billion, primarily on TRON. In contrast, USDC's supply slightly decreased to around $60 billion. Stablecoins facilitated over $2 trillion in payments within 30 days, surpassing traditional debit and credit card volumes. The CCTP bridge for USDC saw an 83% increase in cross-chain transfers, totaling $7.7 billion, reflecting heightened activity in trades and transfers across networks.
