According to The Block, trading volume with the popular stablcoin USDC was $73.1 billion in May. For comparison, in April the figure reached $158.9 billion.
The situation is similar with the largest stabelcoin USDT – in May there were transactions for $69 billion, while last month the trading volume was $110.6 billion.
And in March, the volume of trading only with USDT exceeded $400 billion.
“Most likely, the drop in stabelcoin trading volume is due to increased commissions on the Etherium network.
At the same time, the volume of transactions with USDC fell markedly more than with USDT.
This seems to be due to the decoupling of stablcoin from the dollar in previous months and the general decline in token capitalization,” says The Block analyst Rebecca Stevens.
She also noted that there is a noticeable drop in trading volume with Binance USD (BUSD), but, in this case, the indicator has been falling steadily since February of this year.
Recall that the peak of transaction fees was recorded on May 11 at $22.5. Even now, however, the figure remains quite high at $9.5.
Earlier the European Banking Authority proposed that the Central Bank should impose a ban on large stablcoins if they pose a threat to the monetary policy of specific countries.