Author: OurNetwork
Translated by: Deep Tide TechFlow
From the editorial team:
The crypto space has reached an important milestone: the supply of stablecoins has surpassed $200 billion. This means that dollar-pegged assets are being widely used in personal and institutional payments, while applications in decentralized finance (DeFi) are also expanding.
rwa.xyz
The rapid adoption of stablecoins could have profound implications for the payment industry and even the entire economic system. On a micro level, stablecoins are expected to reduce payment costs to less than a cent; on a macro level, the availability of dollars may pose a threat to countries with unstable currencies.
While this trend is still developing, if stablecoins have grown from a niche area in crypto to a significant industry in the past five years, they may further integrate into our daily lives in 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
Charlie You | Dashboard
Stablecoin supply has surpassed $200 billion, setting the record for fastest growth
The total market capitalization of stablecoins has surpassed $200 billion, setting a new historical high. In just 40 days after the election, the market grew from $170 billion to $200 billion, marking the fastest growth rate since 2021. Tether (USDT) increased by $20 billion, reaching a total of $140 billion, ranking first; Circle's USDC grew by $6 billion, totaling $41 billion; while Ethena's USDe doubled, rising from $2.5 billion to $5.5 billion.
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, showing market diversification.
rwa.xyz
USD0 is a stablecoin backed by tokenized U.S. Treasury assets USYC from Hashnote, which has grown by over 130% in the past month, with a market capitalization approaching $800 million. This growth is mainly due to staking rewards exceeding 30%, making USD0 the seventh-largest stablecoin.
rwa.xyz
Trading Focus: In the past 5 days, Tether has pre-minted $4 billion USDT on Ethereum, with each transaction volume ranging from $1 billion to $2 billion. This transaction is the latest in a series of pre-minted coin transactions, 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
Matt Casto | Website | Dashboard
sUSDe's total value locked exceeds $4 billion
Ethena's stablecoin ecosystem has seen significant growth in the past month, thanks to currently advantageous funding rates. In the past month, the annual percentage yield (APY) of sUSDe exceeded 20%, with a large flow of funds directed towards Aave and Pendle. At the same time, over $50 million USDe was distributed to sUSDe stakers, and the supply of sUSDe also doubled. USDe has now become the third-largest stablecoin, only behind 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 largest pool in terms of total value locked (TVL) for sUSDe. In the past day, the pool saw the largest net inflow of sUSDe.
Dune - @mcasto_
Due to the high yield of sUSDe, demand in the lending market continues to grow. Aave has raised the supply cap multiple times in December, and each increase has been quickly reached. At the same time, the lending demand for USDC and USDT has also risen.
Dune - @mcasto_
Trading Focus: This is the largest single transaction of sUSDe provided to Aave, totaling 66.68 million sUSDe. The address triggering the transaction is the third-largest borrower on the Spark platform, recently purchasing a large amount of PT-sUSDe expiring on December 26 and may deposit these tokens into Morpho for further operations.
Sky Dollar
Seoulcalibur.eth | Website | Dashboard
USDS momentum is strong, with multi-chain expansion helping circulation reach $1.2 billion
Since its rebranding on September 18, 2024, to Sky Ecosystem, USDS (Sky Dollar, formerly DAI) has rapidly developed after launching on Ethereum, with a circulation of $1 billion, peaking at $1.2 billion in mid-November. Subsequently, USDS expanded to Solana and plans to launch on Base Network soon. The trading volume on decentralized exchanges (DEX) is also steadily increasing, with the cumulative trading volume on Ethereum currently at $1.2 billion and reaching $542 million on Solana. Although Ethereum still accounts for 94% of the total supply, USDS's adoption rate on Solana is rapidly increasing.
Dune - @seoul
Dune - @seoul
Transactions of USDS show different characteristics on Solana and Ethereum. The average transaction amount on Solana is $3,000, highlighting its advantage in fast, low-cost small payments; while the average transaction amount on Ethereum is $24,000, more often used for high-value financial activities.
Dune - @seoul
After the name change, the trading volume of DAI converted to USDS reached $2.4 billion, while the reverse conversion totaled $1.7 billion, mainly driven by trading on decentralized exchanges. Although the renaming of MakerDAO has sparked controversy, the growth and supply increase of USDS across multiple chains is making it a strong competitor in the stablecoin market.
Dune - @seoul
f(x) Protocol
pauls | Website | Dashboard
$65 million in locked value validates the sustainable growth model of f(x) Protocol
f(x) Protocol focuses on building sustainable stablecoin infrastructure, and its robust economic model has driven actual growth. Currently, f(x)'s total value locked (TVL) reaches $65 million while maintaining a stable peg for fxUSD. The upcoming v2 version will introduce the 'USD Delta Neutral Stable Pool', offering over 10% annual percentage yield (APY) without relying on inflationary token rewards, setting a new standard for DeFi yields.
DeFiLlama
f(x)'s design is centered 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 the f(x) Protocol has recently increased from 10% to over 30%, with this yield primarily coming from protocol fees and trading volume, reflecting f(x)'s robust economic model.
DeFiLlama
Trading Focus: A DeFi user has just deposited approximately $1 million into the fxUSD-GHO liquidity pool, aiming to earn a high yield of over 30% APY offered by the f(x) gauge. This large deposit reflects the increasing confidence in the f(x) Protocol.
First Digital USD
Etimfon Bassey Ikpong | Website | Dashboard
FDUSD has different use cases on Ethereum and BNB Chain
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 are higher than on the BNB chain. Recently, the supply of FDUSD on Ethereum increased by $993 million, bringing the total supply to $1.93 billion, compared to $921 million a year ago.
Dune - @sharples
On Ethereum, FDUSD is primarily used for daily transactions (like exchanges), with over 95% of the supply concentrated on Binance. On the BNB chain, FDUSD is more used for DeFi yield tools.
Dune - @sharples
Tether
Henry Child | Website | Dashboard
USDT's transfer volume has doubled, with a market share nearing 70%
In the past year, USDT's daily transfer volume grew from $19 billion to $42 billion, doubling (based on a 14-day moving average).
Artemis
Aptos is one of the chains with the lowest transaction fees supported by Tether, with the fee for sending USDT on this chain being only $0.0002.
gasfeesnow.com
Tether's circulating supply reached $138 billion (a 14% increase over the past month), with a market share nearing 70%, continuing to dominate the stablecoin market.
DeFiLlama
