Quick Take
Tether’s market cap has just hit an all-time high of $83.2 billion.
However, according to Kaiko’s research, Tether’s trade volume is at multi-year lows; this includes both CEXs and DEXs, which had a daily USDT volume of around $7 billion in May.
Currently, the total market cap of the top 5 stablecoins is $124.2 billion, broken down as follows:
Stablecoins Circulating Supply: (Source: Glassnode)
Tether Trade Volume: (Source: Kaiko)
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