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Average daily stablecoin transfer volumes declined throughout May, falling 36.6% to $212.71 billion per day in May from $334.94 billion per day in April.
Chains that saw the largest drawdown in transfer volume:
- Base: -56% to $74.62B
- Optimism: -48% to $6.06B
- Solana: -38.7% to $21.65B
The declines came as the effects of rising oil prices, high interest rates and geopolitical instability increasingly turn investors away from risky assets such as stablecoins.
Bitcoin prices are down 15.9% from the beginning of the year, which, combined with the regulatory uncertainty around the GENIUS and CLARITY Acts, has led to a decrease in swap volumes as investors prefer to wait and see how things shake out.
However, even as transfer volumes fell, other stablecoin metrics remained strong: total holders were up 6% to 259.6 million, and market cap held roughly flat at $299.65 billion.