Stablecoin market rebounds... market capitalization reaches $161 billion for the first time in two years

Following the stablecoin market rebound in May, its total market capitalization hit $161 billion, according to CryptoPotato.
According to Data, stablecoins have seen eight months of sustained growth, with their market capitalization increasing by 0.63% since the beginning of May. This is also the first record since April 2022.
However, the share of stablecoins has fallen slightly from 7% in March to 6.07% this month. This is due to the fact that the US recently unexpectedly approved an Ethereum spot ETF, while altcoins have also fallen.
It is analyzed that this is due to the rise in the price of the coin. On the 23rd, the trading volume of stable coins on centralized exchanges (CEX) hit a record low of $829 billion (approximately 130 trillion yen).
The media explained that trading activity on CEXs has been historically low since the Bitcoin halving in April. Meanwhile, Tether (USDT), the largest stablecoin, recorded a record high of 1.2% on the 29th (local time
), its market capitalization hit $111 billion and its dominance in the stablecoin industry grew to 69.3%.