From 3.6 trillion to 1.2 trillion: The shocking decline in stablecoin transfer volume reveals the truth about the market!
The stablecoin market has experienced modest growth since October, but the overall growth rate appears to be quite weak. Currently, the industry is valued at $172.7 billion, with 48.9% of stablecoins running on Ethereum and 34.92% circulating on Tron. Despite the significant expansion of the stablecoin space earlier this year, transfer volumes have continued to decline since May.
The crypto market is growing, but stablecoin transfer volume is declining – why? According to data from defillama.com, the market value of fiat-anchored stablecoins this weekend was US$172.7 billion, an increase of 27.93% from the beginning of the year. However, since a peak of $3.6 trillion in May, transfer volumes have fallen to $1.2 trillion, a huge disparity that is clearly concerning.
Data shows that **83.82%** of circulating stablecoins are issued on Ethereum or Tron, and the top five stablecoins are USDT, USDC, DAI, USDE and FDUSD. Changes in these data reflect market dynamics, but the sharp decline in transfer volumes tells a different story.
As market sentiment changes and regulatory pressure increases, traders gradually restrict fund transfers. Against this background, the rise of interest-bearing fiat-anchored currencies such as USDE shows that investors tend to view stablecoins as investment assets rather than just trading or payment instruments.
This shift may mean that the functions of stablecoins are quietly evolving. In the future, if market volatility intensifies or investor confidence recovers, transfer volume may rebound again.
How do you see the growth of the stablecoin economy versus the decrease in transfer volume? In this complicated situation, please share your thoughts and insights in the comment area! Follow Boshi to get more cutting-edge analysis and market trends!
