Detailed analysis of stablecoin on-chain data: supply exceeds $200 billion, and the number of holding addresses reaches 130 million

Original title: ON–298: Stablecoins

Original source: OurNetwork

Original translation: TechFlow

From the editorial team:

The crypto space has reached an important milestone: the supply of stablecoins has exceeded $200 billion. This means that assets anchored to the US dollar are being widely used in personal and institutional payments, while their application in the field of decentralized finance (DeFi) is also expanding.

rwa.xyz

The rapid popularity of stablecoins may have a profound impact on the payment industry and the entire economic system. On a micro level, stablecoins have the potential to reduce payment costs to less than a cent; on a macro level, the easy availability of the dollar could pose a threat to countries with unstable currencies.

While this trend is still developing, if stablecoins have grown from a crypto niche to a major industry over the past five years, they could become even more integrated into our daily lives over the next five years.

Next, let’s take a look at the latest on-chain dynamics of these digital assets.

Stablecoins

USD0 | USDe | USDS | fxUSD | FDUSD | USDT

Stablecoin Supply Surpasses $200 Billion, Recording Fastest Growth

· The total stablecoin market has surpassed $200 billion, a record high. In just 40 days after the election, the market grew from $170 billion to $200 billion, the fastest growth rate since 2021. Tether (USDT) grew by $20 billion to $140 billion, ranking first; Circle's USDC grew by $6 billion to $41 billion; and Ethena's USDe doubled from $2.5 billion to $5.5 billion.

rwa.xyz

· The number of stablecoin holders continues to grow, now at 133 million. Of these, USDT leads with 81.7 million holders, while BSC-USD has 25.8 million. While USDC has seen slower growth, with only 18 million holders, smaller stablecoins like PYUSD and USDe are also rising rapidly, showing the diversification of the market.

rwa.xyz

· USD0, a stablecoin backed by Hashnote’s tokenized U.S. Treasury asset USYC, has grown by more than 130% in the past month, with a market cap of nearly $800 million. This growth is largely due to staking rewards of more than 30%, making USD0 the seventh largest stablecoin.

rwa.xyz

· Trading Focus:Tether pre-minted 4 billion USDT on Ethereum in the past 5 days, with each transaction volume ranging from 1 billion to 2 billion. This transaction is the latest pre-minting transaction, bringing the Tether Ethereum treasury balance to 1.5 billion. These tokens are expected to enter circulation in the next few days, further driving Tether's supply growth.

Ethena

sUSDe Total Value Locked Exceeds $4 Billion

· Ethena's stablecoin ecosystem has achieved significant growth in the past month, thanks to the current very favorable funding rate. In the past month, sUSDe's annualized rate of return (APY) exceeded 20%, and a large amount of funds flowed to Aave and Pendle. At the same time, more than 50 million USDe were distributed to sUSDe pledgers, and the supply of sUSDe doubled. USDe has now become the third largest stablecoin, second only to USDT and USDC.

Dune - @mcasto_

Demand for sUSDe in the lending market is very strong, especially in Uniswap's sUSDe-USDT pool, which is the largest pool in terms of total value locked (TVL) of sUSDe. The largest net buying volume of sUSDe occurred in this pool in the past day.

Dune - @mcasto_

· Due to the high yield of sUSDe, the demand for it in the lending market continues to grow. Aave raised the supply cap several times in December, and each time the cap was raised, it was quickly hit. At the same time, the lending demand for USDC and USDT also rose.

Dune - @mcasto_

· Transaction Focus:This is the largest single sUSDe transaction to Aave, totaling 66.68 million sUSDe. The address that triggered the transaction is the third largest borrower on the Spark platform, recently purchased a large amount of PT-sUSDe due on December 26, and may deposit these tokens into Morpho for further operations.

Sky Dollar

USDS Gains Momentum, Multi-Chain Expansion Helps Reach $1.2 Billion in Circulation

· Since its rebranding as Sky Ecosystem on September 18, 2024, USDS (Sky Dollar, formerly DAI) has grown rapidly after its launch on Ethereum, reaching $1 billion in circulation and peaking at $1.2 billion in mid-November. USDS has subsequently expanded to Solana and plans to land on the Base network soon. Decentralized exchanges (DEX) have also seen steady growth in trading volume, with cumulative trading volume currently at $1.2 billion on Ethereum and $542 million on Solana. Although Ethereum still accounts for 94% of the total supply, USDS adoption on Solana is rapidly increasing.

Dune - @seoul

Dune - @seoul

· USDS transactions show different characteristics on Solana and Ethereum. The average transaction amount on Solana is $3,000, showing its advantage in fast, low-cost small payments; while the average transaction amount on Ethereum is $24,000, which is more used for high-value financial activities.

Dune - @seoul

· After the name change, the volume of DAI conversion to USDS reached $2.4 billion, while the reverse conversion was $1.7 billion, mainly driven by transactions on decentralized exchanges. Despite the controversy caused by MakerDAO's name change, USDS's growth on multiple chains and increased supply are making it a strong competitor in the stablecoin market.

Dune - @seoul

f(x) Protocol

$65M in Locked Value Validates f(x) Protocol’s Sustainable Growth Model

· f(x) Protocol is focused on building sustainable stablecoin infrastructure, with a robust economic model that drives real growth. Currently, f(x) has a total value locked (TVL) of $65M while maintaining a stable anchor price of fxUSD. The upcoming v2 version will introduce a “USD Delta Neutral Stable Pool” that provides an annualized yield of over 10% (APY) without relying on inflationary token rewards, setting a new standard for DeFi returns.

DeFiLlama

· f(x) is designed with sustainability at its core, with protocol fees distributing over 900 ETH to users. This growth is entirely based on actual usage demand, rather than relying on token rewards.

DefiLlama

· The yield of f(x) Protocol has recently risen from 10% to over 30%, which is mainly derived from protocol fees and trading volume, reflecting the robust economic model of f(x).

DeFiLlama

· Trading Focus:A DeFi user has just deposited about $1 million into the fxUSD-GHO liquidity pool, aiming to obtain the high yield of over 30% APY provided by f(x) gauge. This large deposit reflects the market's growing confidence in f(x) Protocol

First Digital USD

FDUSD has different use cases on Ethereum and BNB

· Ethereum has always been the dominant chain in the stablecoin market, which is also reflected in the supply of FDUSD. Data shows that the demand and usage of FDUSD on Ethereum is higher than that of BNB chain. Recently, the supply of FDUSD on Ethereum has increased by $993 million, and the total supply has now reached $1.93 billion, compared to $921.3 million a year ago.

Dune - @sharples

· On Ethereum, FDUSD is mainly used for daily transactions (such as exchange, etc.), and more than 95% of the supply is concentrated on Binance. On the BNB chain, FDUSD is more used as a DeFi income tool.

Dune - @sharples

Tether

USDT transfer volume doubled, market share close to 70%

· Over the past year, USDT’s daily transfer volume has doubled from $19 billion to $42 billion (based on a 14-day moving average).

Artemis

· Aptos is one of the lowest transaction fee chains supported by Tether, with the fee to send USDT on the chain being just $0.0002.

gasfeesnow.com

· Tether’s circulation reached $138 billion (up 14% in the past month) and its market share is close to 70%, continuing its dominance in the stablecoin market.

DeFiLlama

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