Original title: ON–298: Stablecoins
Original source: OurNetwork
Original translation: TechFlow
From the editorial team:
The crypto space has reached an important milestone: stablecoin supply has surpassed $200 billion. This means that USD-pegged assets are being widely used in personal and institutional payments, while their applications in decentralized finance (DeFi) are also expanding.
rwa.xyz
The rapid adoption of stablecoins could have a profound impact on the payment industry and the entire economic system. From a micro perspective, stablecoins are expected to reduce payment costs to less than one cent; from a macro perspective, the easy availability of the US dollar could pose a threat to countries with unstable currencies.
Although this trend is still developing, if stablecoins have grown from a niche area of crypto to an important industry over the past five years, then in the next five years, they may further integrate into our daily lives.
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 dollars, setting a record for the fastest growth.
· The total volume of the stablecoin market has surpassed 200 billion dollars, setting a historic high. In just 40 days after the election, the market grew from 170 billion dollars to 200 billion dollars, marking the fastest growth rate since 2021. Tether (USDT) grew by 20 billion dollars, reaching a total of 140 billion dollars, ranking first; Circle's USDC grew by 6 billion dollars, totaling 41 billion dollars; while Ethena's USDe doubled, increasing from 2.5 billion dollars to 5.5 billion dollars.
rwa.xyz
· The number of stablecoin holders continues to grow, currently reaching 133 million. Among them, USDT leads with 81.7 million holders, while BSC-USD has 25.8 million holders. Although USDC's growth is slower, with only 18 million holders, smaller stablecoins like PYUSD and USDe are also rapidly rising, demonstrating market diversification.
rwa.xyz
· USD0 is a stablecoin backed by the tokenized US Treasury asset USYC from Hashnote, which has grown by over 130% in the past month, with a market cap close to 800 million dollars. This growth is primarily due to over 30% staking rewards, making USD0 the seventh-largest stablecoin.
rwa.xyz
· Trading Focus: In the past 5 days, Tether pre-mined 4 billion USDT on Ethereum, with each transaction ranging from 1 billion to 2 billion. This transaction is the latest pre-mined coin transaction, bringing Tether's Ethereum treasury balance to 1.5 billion. These tokens are expected to enter circulation in the coming days, further driving Tether's supply growth.
Ethena
Total value locked in sUSDe surpasses 4 billion dollars.
· Ethena's stablecoin ecosystem has achieved significant growth in the past month, benefiting from the currently advantageous funding rates. In the past month, the annualized yield (APY) of sUSDe has exceeded 20%, with a large influx of funds into Aave and Pendle. At the same time, more than 50 million USDe has been distributed to sUSDe stakers, and the supply of sUSDe has also doubled. USDe is now the third-largest stablecoin, following USDT and USDC.
Dune - @mcasto_
The demand for sUSDe in the lending market is very strong, especially in the sUSDe-USDT pool on Uniswap, which is the pool with the largest total value locked (TVL) of sUSDe. In the past day, the largest net purchase of sUSDe has occurred in this pool.
Dune - @mcasto_
· Due to the high yield of sUSDe, demand for it in the lending market continues to grow. Aave has repeatedly raised the supply cap in December, which has been quickly reached after each increase. At the same time, the lending demand for USDC and USDT has also risen.
Dune - @mcasto_
· Trading Focus: This is the largest sUSDe transaction made to Aave in a single instance, totaling 66.68 million sUSDe. The address triggering the transaction is the third largest borrower on the Spark platform, which has recently purchased a large amount of PT-sUSDe maturing on December 26 and may deposit these tokens into Morpho for further operations.
Sky Dollar
USDS is gaining momentum, with multi-chain expansion helping the circulation reach 1.2 billion dollars.
· After being renamed to Sky Ecosystem on September 18, 2024, USDS (Sky Dollar, formerly DAI) rapidly developed after going live on Ethereum, reaching a circulation of 1 billion dollars and peaking at 1.2 billion dollars in mid-November. Subsequently, USDS expanded to Solana and plans to launch on the Base network soon. The trading volume on decentralized exchanges (DEX) is also steadily increasing, with a cumulative trading volume of 1.2 billion dollars on Ethereum and reaching 542 million dollars on Solana. Although Ethereum still accounts for 94% of the total supply, the adoption rate of USDS on Solana is rapidly increasing.
Dune - @seoul
Dune - @seoul
· The trading of USDS shows different characteristics on Solana and Ethereum. The average transaction amount on Solana is 3,000 dollars, demonstrating its advantage in fast, low-cost small payments; while the average transaction amount on Ethereum is 24,000 dollars, more commonly used for high-value financial activities.
Dune - @seoul
· After the renaming, the trading volume of DAI converting to USDS reached 2.4 billion dollars, while the reverse conversion totaled 1.7 billion dollars, mainly driven by transactions on decentralized exchanges. Although the renaming of MakerDAO sparked controversy, the growth and supply increase of USDS across multiple chains are making it a strong competitor in the stablecoin market.
Dune - @seoul
f(x) Protocol
65 million dollars locked value validates f(x) Protocol's sustainable growth model.
· f(x) Protocol focuses on building sustainable stablecoin infrastructure, with its robust economic model driving actual growth. Currently, the total value locked (TVL) of f(x) is 65 million dollars, while maintaining the stable peg price of fxUSD. The upcoming v2 version will introduce a 'USD Delta Neutral Stable Pool', offering an annualized yield (APY) of over 10% without relying on inflationary token rewards, setting a new standard for DeFi yields.
DeFiLlama
· The design of f(x) focuses on sustainability, with protocol fees having distributed 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%, primarily driven by protocol fees and trading volume, reflecting f(x)'s robust economic model.
DeFiLlama
· Trading Focus: A DeFi user has just deposited approximately 1 million dollars into the fxUSD-GHO liquidity pool, aiming to achieve a high yield of over 30% APY provided by the f(x) gauge. This large deposit reflects the growing market confidence in f(x) Protocol.
First Digital USD
FDUSD's use cases on Ethereum and BNB chain have different focuses.
· 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 exceed that on the BNB chain. Recently, the supply of FDUSD on Ethereum increased by 993 million dollars, with a total supply currently at 1.93 billion dollars, compared to 921.3 million dollars a year ago.
Dune - @sharples
· On Ethereum, FDUSD is primarily used for everyday transactions (such as exchanges), with over 95% of the supply concentrated on Binance. Meanwhile, on the BNB chain, FDUSD is more frequently used for DeFi yield tools.
Dune - @sharples
Tether
USDT transfer volume doubles, market share approaches 70%
· In the past year, the daily transfer volume of USDT has increased from 19 billion dollars to 42 billion dollars, doubling (based on a 14-day moving average).
Artemis
· Aptos is one of the lowest transaction fee chains supported by Tether, with the cost of sending USDT on this chain being only 0.0002 dollars.
gasfeesnow.com
· Tether's circulation has reached 138 billion dollars (growing by 14% in the past month), with a market share approaching 70%, continuing to maintain its dominant position in the stablecoin market.
DeFiLlama
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