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Stablecoin trading volume on centralized exchanges (CEXs) has declined for the third consecutive month, latest data shows.

In June, the trading volume for stablecoin pairs fell 18% to $970 billion, recording its lowest in seven months, according to CCData’s June 10 report. Researchers at the digital asset index provider noted that the decrease mirrors lower trading activity following the Bitcoin halving event — which reduced block rewards by 50% — in the previous cycles.

On-chain transfer volume of stablecoins on the Ethereum network also fell to its lowest monthly total since February 2024, sinking for the second consecutive month by 7.50% to $1.80 trillion. This decline coincides with the market’s current bearish sentiment, leading traders to take less risk, the report said.

Although stablecoin trading volumes continue to trend lower, the value of the stablecoin market grew in June. The market capitalization of stablecoins increased by 0.53% to $161 billion, marking its ninth consecutive monthly rise. The level is currently its highest-recorded market capitalization since April 2022.

The growth in stablecoin market value, coupled with the decrease in the value of digital assets like Bitcoin (BTC) and Ether (ETH), has led to an increase in stablecoin market dominance, which now stands at 6.83%, up from 6.22% in May.

Among the top 10 stablecoins by market capitalization, Tether’s USDT continues to dominate trading activity on CEXs, accounting for 78.4% of the market share. Conversely, the market share of First Digital USD (FDUSD) by trading volume declined to 12.6%, while the trading activity of Circle’s USD Coin (USDC) rose to 8.22%.

In June, USDC led the top five stablecoins on Ethereum in on-chain transfer volume with $786 billion (43.6% market share). This was followed by USDT at $616 billion (34.2%) and DAI at $334 billion (18.5%).