Stablecoins continue to gain traction as total on-chain transaction count hits
420M for the month of August.
The stablecoin landscape continues to heat up, with transaction counts approaching all
time highs, climbing in tandem with the total supply which now stands at US$170B. The
CELO ecosystem, in particular, has seen remarkable growth, with its USDT supply reaching
US$200M just six months after launching on the emerging Ethereum Layer 2. Concurrently,
the Celo blockchain ecosystem introduced the Stabila Foundation, which aims to enhance
financial stability and promote stablecoin utility, especially in emerging markets like Africa,
Latin America, and Southeast Asia.
Meanwhile, Solana continues to capture the marketâs attention, recording the highest
number of stablecoin transactions in August with 108M, narrowly surpassing BNB Chain's
97M, which held the top spot in July. Solana DeFi has been a significant driver of growth for
PayPalâs PYUSD stablecoin, which has reached a total market capitalization of US$1B. Of
this amount, over US$647M is on Solana, with US$430M locked as collateral on the DeFi
protocol Kamino.
Stablecoins remain one of the most widely used products to emerge from blockchain
technology. As they continue to scale globally, it becomes increasingly important to
observe how macroeconomic factors, such as global interest rates and evolving regulatory
regimes, influence market participants' approaches to this burgeoning sector.
Source: Artemis, Binance Research
As of August 31, 2024
#BinanceResearch
