According to TechFlow, Visa and AlliumLabs released the V2 version of the on-chain analysis dashboard last week. Since 2019, the annual adjusted stablecoin transaction volume has increased by an average of 225%. Of the adjusted transaction volume in 2024, 41% came from deposits and withdrawals on centralized exchanges.
The total supply of fiat-backed stablecoins reached an all-time high, with an average daily supply of over $168 billion, an increase of $40 billion in the past 12 months. PayPal's stablecoin PYUSD has more than quadrupled its supply in the past six months and now accounts for 59% of the total PYUSD supply.
USDC’s average adjusted monthly trading volume on BASE increased from $2.6 billion to $5.6 billion in March 2024. Base now holds approximately 10% of the USDC EVM L1 and L2 supply, totaling $3.2 billion.
Over the past 12 months, Tron has accounted for nearly 80% of adjusted USDT transactions and over 50% of volume. Over the past 6 months, average weekday stablecoin volume has been 93% higher than weekends, but the number of transactions has only been 17% higher.
In November, Ethereum L2’s monthly adjusted stablecoin volume exceeded all stablecoin volume on Ethereum L1. A year ago, Ethereum accounted for 64% of the adjusted monthly USDC volume, but now accounts for only 19%, and Base accounts for 35%.
On SOLANA, network fees are less than 1 cent, and 65% of historical transactions are less than $100. Since 2019, monthly stablecoin wallet addresses have grown from 23,000 to 26 million.
