The total supply of stablecoins as of last month reached 214 billion US dollars. At the same time, the annual transfer volume stands at $35 trillion, twice that of Visa.
According to a recent report by Dune, the number of active addresses jumped by 53% and reached a net of 30 million. Comparing the dominance of USDC and USDT, it appears that USDC’s market cap doubled to $56 billion due to recent MiCa and DIFC approvals. It also made partnerships with MoneyGram and Stripe. At the same time, USDT grew to $146 billion but is more focused on P2P remittances.
Total supply of stablecoins. Source: Dune on X
USDe by Ethena Labs went up to $6.2 billion from $146 billion and now stands as the third-largest stablecoin by market cap.
According to Dune, stablecoin liquidity primarily sits on centralized exchanges. However, DEXs, yield farming, and lending protocols generate most of their transfer volume.
When it comes to the flow of stablecoins, Ethereum is leading with a 55% market share. On the other hand, Solana and Base are dominating the transfer volume due to meme coins and DeFi. The Head of Product at Base said, “Stablecoins offer clear benefits over traditional financial instruments, especially when moving money across borders.”
