Stablecoin Data Report: Total Market Cap Reaches $170 Billion, USDC Circulation Hits 3.4 Billion Tokens, USDT Adds 36 Million New Accounts in Q3
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Stablecoin Data Report: Total Market Cap Reaches $170 Billion, USDC Circulation Hits 3.4 Billion Tokens, USDT Adds 36 Million New Accounts in Q3
The global stablecoin supply has declined by 2.7% from its peak on August 30, but is expected to rebound as token prices continue to rise.
Navigating Web3 tides with focused insightsAuthor: OurNetwork
Translation: TechFlow
Global stablecoin supply has declined by 2.7% from its peak on August 30, but is poised for recovery as token prices continue to rise
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The reduction in stablecoin supply over the past 60 days is linked to PayPal’s PYUSD, which previously gained liquidity incentives across multiple Solana DeFi protocols. At its peak, PYUSD offered nearly 20% annual yield on Kamino Finance, compared to just 7.9% today. However, this decline is negligible when viewed against the long-term trend—stablecoin supply has grown 100x since early 2019. The current market cap of stablecoins stands at $170.93 billion.
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Euro-pegged stablecoins are rising, with Circle's EURC growing more than 40% in supply over the past month. Base emerged as the primary beneficiary, where EURC value surged from $22 million to $48 million. This aligns with Coinbase’s efforts to achieve MiCA compliance, which it views as a competitive advantage over rivals.
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Banks have traditionally been reluctant to issue stablecoins. However, Société Générale’s EURCV, an Ethereum-based stablecoin, is currently the only one issued by a bank and rose 11% this month, reaching a market cap of $41.7 million. Société Générale also announced plans to launch EURCV on Solana. Combined with BBVA and Visa’s stablecoin partnership, these moves suggest banks may finally be moving toward greater participation.
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Transaction spotlight: Bridge, recently acquired by payments giant Stripe, is not the only fast-growing stablecoin business. Increasing token holders and transfer activity signal rising adoption of Sling Money, a cross-border payment app built using Paxos-issued USDP stablecoin—the same Paxos that issues PayPal’s PYUSD on Solana. Since early June, the number of USDP token holders on Solana has grown from 33 to 1,212, while monthly transfer volume increased from $111,426 to $839,199.
USDC
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There are 34.69 billion USDC in circulation, with daily trading volume fluctuating between $1 billion and $6 billion.
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USDC trading volume peaked near $200 billion during the active market period at the end of 2022. While Ethereum still holds the largest share of trading volume, Layer 2 solutions like Arbitrum have gradually captured more volume since 2023. Trading patterns show cyclical behavior, peaking approximately every 3 to 4 months, indicating regular periods of market activity. Although volumes are lower than in 2022, current levels of around $80–100 billion are significantly higher than pre-2021 figures.
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Transaction activity surged from fewer than 2 million daily transactions in early 2021 to over 20 million by the end of 2023, with particularly strong growth in Q4 on Arbitrum, Base, and Solana. Layer 2s and other chains are attracting more transaction activity, eroding Ethereum’s dominance. Current daily volume of about 12 million transactions reflects the maturity of the broader ecosystem.
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The distribution of USDC transactions across blockchains shows distinct characteristics. Solana leads in total transaction count, primarily used for small transfers under $100, while Ethereum dominates large transfers exceeding $1 million. Layer 2 solutions mainly handle mid-sized transactions between $1,000 and $100,000, highlighting how users select chains based on transaction size and cost.
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Transaction spotlight: Users are unafraid of making large USDC transfers on Ethereum Layer 2s. For example, a $102,616,661.02 USDC transfer was sent to Base. The sender moved the entire amount into Binance 76. Notably, the gas fee for this transaction was only $0.002528.
USDT
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Tether accelerates growth: Adds 36 million new accounts in Q3 2024, setting best quarterly record
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Tether’s growth is accelerating—adding 36 million new accounts in Q3, marking the strongest quarter yet for the stablecoin giant.
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In the first six months, USDT issuance on the TON chain reached 768 million tokens, making it the fastest-growing stablecoin across all chains to date.
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On Tron, 67% of USDT is distributed beyond the top 500 addresses, reflecting broad distribution of this stablecoin across the blockchain. In contrast, this figure was only 49% at the end of 2023 and 57% at the end of Q2 2024.
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