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A surge of stablecoin transactions marked May as a standout month for the crypto sector. It moved beyond mere token swaps. Lots of people and services turned to dollar-pegged coins for moving value. Activity hit fresh highs, hinting that stablecoins are now the main channel for on-chain payments.
Spike In Wallet Activity
According to Artemis data, more than 33 million wallets sent or received stablecoins during May. That’s a big jump compared with earlier months. It shows more folks are leaning on these digital dollars than on native tokens.
Many traders, DeFi users, and everyday people tapped stablecoins to keep their funds tied to the US dollar. This wave of usage also came as the wider market showed signs of life, with prices slowly rising and confidence climbing.
Shift To Faster Networks
Based on reports, BNB Smart Chain counted over 10 million active wallets for stablecoin moves early in May. TRON came very close, with a little over 9 million wallets during that same stretch.
These two networks are cheap and quick. Folks want to dodge higher fees on older chains. By month’s end, both BNB Smart Chain and TRON could top those numbers again. That trend speaks to growing demand for fast, low-cost payments and DeFi deals. Ethereum simply can’t match these lower fees right now.
Stablecoin Supply Growth
Stablecoins also saw more tokens enter circulation. The total supply grew to $244 billion, up nearly 3% in just one month. But not all coins minted equally. Tether’s USDT remained the heavyweight champion. It added nearly $4 billion to its total supply in May alone.
Most of that new USDT landed on TRON. Today, TRON holds nearly $78 billion in USDT, while Ethereum carries $73 billion. In sum, USDT’s overall supply now tops $153 billion and added tokens almost every day. USDC moved in the opposite direction. Its supply dipped slightly, thanks to outflows on Solana. Still, USDC keeps about $60 billion circulating across all its chains.
Payments And Bridges Overtake Cards
Stablecoins didn’t just grow in supply and usage. They carried huge volumes of payments. Over the past 30 days, those coins moved over $2 trillion worth of value. That level beats what many debit and credit cards handled in the same span.
For example, Visa’s volumes were lower than what stablecoins saw. Plus, USDC’s cross-chain moves spiked. The CCTP bridge saw $7.7 billion flow through it, up 83% month-on-month. That rush of bridging means more people are shuttling dollars between networks for trades, lending, or simple transfers.
Featured image from ETF Stream, chart from TradingView
They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!
So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
