5 Major Stablecoin On-Chain Analysis: Total Holding Addresses Surpass 100 Million, Market Cap and Active Addresses Remain Stable
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5 Major Stablecoin On-Chain Analysis: Total Holding Addresses Surpass 100 Million, Market Cap and Active Addresses Remain Stable
TRON is the first blockchain where a single stablecoin has surpassed $60 billion in value.
Navigating Web3 tides with focused insightsAuthor: OurNetwork
Compiled by: TechFlow
Stablecoins
Stablecoin Holding Addresses Surpass 100 Million, Market Cap and Active Addresses Remain Stable
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Since OurNetwork's last quarter stablecoin report, the number of addresses holding stablecoins has increased from 95 million to 107 million, a rise of 13%. The total stablecoin market cap also grew from $162 billion to $166.3 billion, an increase of 2.5%. While active addresses haven't reached new highs, they remain steady, with over 21 million active addresses in May.
rwa.xyz
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The MiCA regulatory framework came into effect at the end of June, imposing significant restrictions on stablecoin issuers and exchanges, leading some platforms to delist Tether's USDT. There was speculation that MiCA would favor euro-denominated stablecoins due to fewer restrictions. However, since MiCA took effect, the market cap of euro stablecoins has only seen a slight increase.
rwa.xyz
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Although the overall market cap grew only 2.5%, several stablecoins performed exceptionally well. Ethena’s USDe market cap increased by over $1 billion, reaching a total of $3.4 billion. Other notable gains include USD0 growing from zero to $170 million, PYUSD nearly tripling to nearly $600 million—mainly on Solana—and Aave’s GHO doubling to nearly $100 million.
rwa.xyz
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Trading Layer Alpha: This marks the first large-scale minting of the newly launched AUSD stablecoin, which is pegged to the U.S. dollar and backed by cash and cash equivalents managed by VanEck. Issued by Agora—a startup backed by Dragonfly and Galaxy—AUSD aims to disrupt the duopoly of Tether and Circle by sharing a significant portion of reserve interest with users. Agora sees opportunity in Tether's massive monthly profits exceeding $1 billion.
① PYUSD
PayPal’s Stablecoin PYUSD Surpasses $500 Million in Market Cap
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PayPal launched its stablecoin PYUSD on August 8, 2023, in partnership with Paxos. Since then, circulating supply has steadily increased. Initially launched on Ethereum, PYUSD later expanded to Solana. Total supply across all chains now exceeds $598 million. However, PYUSD accounts for only a small fraction of total stablecoin transaction volume.
DeFiLlama
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Since its launch on Ethereum, PYUSD transaction volume has been rising. Although July isn’t over yet, PYUSD has already set a record high monthly trading volume of $1 billion on Solana. Despite competitors having much higher volumes, PYUSD is not far behind.
Dune Analytics & Flipside
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Trading Layer Alpha: On June 20, a single transfer of 30 million PYUSD on the Solana blockchain accounted for 86% of the day’s total transaction volume. According to Twitter sources, the address involved may be linked to market maker Wintermute. This address had previously funded several staking accounts associated with Wintermute and was also responsible for a one-time transfer of 115,000 SOL. This indicates growing institutional interest in PYUSD.
② USDC
USDC Circulating Supply Up 35% YTD, Reaches $33.6 Billion
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In 2024, USDC has shown strong performance, with circulating supply surpassing $33.6 billion, a year-to-date increase of 35%. Currently, USDC is supported on 16 chains, with four chains having over $1 billion in circulation. While Ethereum holds the majority (with $25.3 billion), Solana ($2.19 billion) and Base ($2.96 billion) have seen significant growth over the past year.
Artemis
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USDC plays a key role in the DeFi ecosystem. The top five holders are all DeFi applications, with blue-chip protocols like Uniswap, dYdX, and Aave widely using USDC as a stable asset.
Arkham
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Circle’s Cross-Chain Transfer Protocol (CCTP) has grown significantly year-to-date. CCTP is a permissionless on-chain tool that securely facilitates USDC transfers between blockchains through native burn-and-mint mechanisms. Since the beginning of the year, CCTP’s market share has increased from 19% to over 40%.
Artemis
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Trading Layer Alpha: The largest single USDC mint on Base this year was for $100 million. Over the past year, USDC’s circulating supply on Base has increased more than tenfold. As Base grows in popularity, global demand for stablecoins continues to rise.
③ USDT
Henry Child | Website | Dashboard
USDT Dominates Across Chains, Processes Over 15 Million Daily Transactions on Tron
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USDT is the most traded ERC20 token on Ethereum, with a daily trading volume of $31.5 billion—surpassing the combined volume of the top 20 ERC tokens.
Etherscan
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On TRON, USDT leads in both daily transaction volume and unique holder count. Transaction volumes for amounts between $1 and $10,000 have surged year-over-year, indicating sustained real-world adoption in P2P and B2B payments.
Dune Analytics - @steakhouse
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Over the past 30 days, Tether’s USDT smart contract consumed the third-highest amount of gas on Ethereum, exceeding 909 ETH—worth over $3 million.
ultrasound.money
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Trading Layer Alpha: 58.6% of USDT-Tron holdings are distributed beyond the top 500 accounts, reflecting broad ownership distribution.
④ Tron Stablecoins
Dave Uhryniak | Website | Dashboard
TRON Becomes First Blockchain Where a Single Stablecoin Exceeds $60 Billion in Value
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TRON is a highly accessible and useful blockchain. In 2024, USDT supply on TRON increased by $11 billion, making TRON the first blockchain where a single stablecoin exceeds $60 billion in value. As of July 2024, total network transfer volume surpassed $13 trillion, with total account numbers reaching 245 million.
TRONSCAN
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P2P transactions are foundational to decentralization, enabling individuals to exchange value directly, securely, and efficiently without geographical barriers. TRON continues to lead in this metric, consistently processing two to three times more P2P transfers than Ethereum.
Artemis
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Despite TRON’s strength in supporting both large and small transactions, most TRC-20 USDT holders are retail users—526,000 hold balances below $1,000. Nearly one-third of USDT transactions are under $100, and 15% are under $10.
CryptoQuant
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Trading Layer Alpha: In 2024, circulating supply of USDT on TRON increased by $11 billion, up 23%, reflecting rising demand. Recently, blockchain payment provider Orbital highlighted the importance of USDT payments in emerging markets. The company processes millions of transactions annually, with 98% occurring on the TRON blockchain and 99% using Tether’s USDT token. A scalable blockchain has the potential to become a global settlement layer for mainstream financial transactions—and significant progress has already been made.
⑤ eUSD & USD3
nagaking | Website | Dashboard
Reserve Protocol TVL Exceeds $235 Million, Stablecoins Reach $60 Million
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Reserve Protocol is a free, permissionless platform for creating, deploying, and managing asset-backed currencies (RTokens). RTokens typically consist of baskets of yield-generating assets and are over-collateralized via Reserve Rights (RSR) tokens. In 2024, Reserve’s TVL grew from approximately $40 million to around $240 million (about a 600% increase), including $212.1 million in RToken backing and $24.1 million in RSR over-collateralization. About a quarter of RToken market value comes from stablecoin RTokens such as USD3 ($32.4 million) and eUSD ($22.3 million).
Reserve
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Different RTokens cater to different risk/reward preferences. Web3 Dollar (USD3) focuses on holder rewards, distributing 85% of yield to RToken holders. Over the past year, USD3 supply has grown from just over $1,000 to over $32 million, while RSR staking has risen from under $1,000 to about $2.4 million.
Reserve
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Electronic Dollar (eUSD) emphasizes stability and broad utility, incentivizing RSR staking with 94% of yield and planning to share revenue with integrated fintech apps. By sharing DeFi yields, eUSD supports consumer fintech applications in the U.S. and Latin America.
Reserve
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