Stablecoin Boom: Daily Average Supply Exceeds $168 Billion, Monthly Stablecoin Wallet Addresses Grow Hundredfold
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Stablecoin Boom: Daily Average Supply Exceeds $168 Billion, Monthly Stablecoin Wallet Addresses Grow Hundredfold
The total supply of leading fiat-backed stablecoins has reached an all-time high, with a daily average supply exceeding $168 billion, increasing by $40 billion over the past 12 months.
Navigating Web3 tides with focused insightsAuthor: Cuy Sheffield
Translation: TechFlow
Last week, we launched the V2 version of the on-chain analytics dashboard in collaboration with Visa and AlliumLabs.
Here are some key insights from the data—explore the full updated dashboard below. Since 2019, the annual adjusted transaction volume of stablecoins has grown by an average of 225% across market cycles. In 2024, 41% of adjusted transaction volume originated from deposits and withdrawals on centralized exchanges.
The total supply of leading fiat-backed stablecoins has reached an all-time high, averaging over $168 billion daily, increasing by $40 billion over the past 12 months.
PayPal's stablecoin PYUSD has grown its supply more than fourfold over the past six months, surging from $208 million to surpassing $1 billion at one point. This surge was primarily driven by its May launch on SOLANA, which now accounts for 59% of PYUSD’s total supply.
USDC’s average adjusted monthly transaction volume on BASE increased from $2.6 billion in March 2024 to $5.6 billion.
Base now holds approximately 10% of the total USDC supply across EVM L1 and L2 networks, amounting to $3.2 billion.
Over the past 12 months, Tron accounted for nearly 80% of adjusted USDT transaction counts and over 50% of adjusted USDT transaction volume.
These are the highest proportions for any stablecoin-blockchain combination.
In the past six months, the average weekday stablecoin transaction volume was 93% higher than the average weekend volume, while the average weekday transaction count was only 17% higher during the same period.
Total adjusted stablecoin transaction volume on weekends over the past six months amounted to $463.4 billion.
In November, monthly adjusted stablecoin transaction volume on Ethereum L2 exceeded the combined stablecoin transaction volume on Ethereum L1.
A year ago, Ethereum accounted for 64% of adjusted monthly USDC transaction volume. Today, it accounts for just 19%, while Base now represents 35%.
User behavior and spending patterns differ between high-throughput, low-cost blockchains and high-cost ones.
On SOLANA, network fees can be less than one cent, and 65% of historical transactions are below $100.
Since 2019, monthly stablecoin wallet addresses have grown from 23,000 to 26 million.
We hope this dashboard fuels discussions around stablecoins and welcome feedback on how we can continue improving it. We’re excited about the opportunities stablecoins enable and remain committed to partnering with the next generation of stablecoin-based fintech companies.
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