May witnessed a surge in stablecoin activity, reaching new heights with over 33 million active wallets actively transacting in various stablecoins. This growth coincided with a broader rebound in the cryptocurrency market as DeFi applications and institutional investments continued to fuel this expansion. Driven by the demand for faster and cheaper transactions, activity shifted towards platforms like BNB Smart Chain and TRON, which now account for a significant portion of all active wallets. 2023’s growth was fueled by stablecoin usage surpassing remittances and even Visa payments in volume terms over the past month. 2023 also saw stablecoins gain traction against traditional payment tools such as debit and credit cards.