Since the beginning of October, the stablecoin market has experienced a modest boost, although overall growth is still quite slow. Currently, the market value of stablecoins is about $172.7 billion, an increase of 27.93% compared to the data on January 27 at the beginning of the year (US$134.99 billion). 48.9% of the stablecoins are on the Ethereum chain, and 34.92% are circulating on the Tron chain. Next is BNB Chain, accounting for 3.18%, followed by Arbitrum, accounting for 2.58%. In fifth place is Base, accounting for 2.14%. It is worth mentioning that although the stablecoin market has expanded significantly since the beginning of the year, the transfer volume has been steadily declining since May. Artemis Terminal data shows that stablecoin transfer volume has decreased significantly since reaching a peak of $3.6 trillion in May, falling to $1.6 trillion last month. As of October, the amount of transfers recorded was about $1.2 trillion. Although stablecoin active addresses have also declined since March, the decline is not as severe as transaction volume. Of the $1.2 trillion transferred this month, $309.2 billion was carried out on Ethereum, while Tron processed $282.9 billion in transfers. This means that Ethereum and Tron together accounted for 49.34% of the transfer volume in October.
