Stablecoin On-Chain Data Report: Supply Surpasses $200 Billion, Holder Count Continues to Grow Reaching 130 Million
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Stablecoin On-Chain Data Report: Supply Surpasses $200 Billion, Holder Count Continues to Grow Reaching 130 Million
In just 40 days following the election, the total market capitalization of stablecoins surged from $170 billion to $200 billion, marking the fastest growth rate since 2021.
Navigating Web3 tides with focused insightsAuthor: OurNetwork
Translation: TechFlow
From the editorial team:
The crypto space has reached a significant milestone: stablecoin supply has surpassed $200 billion. This means dollar-pegged assets are being widely adopted for both personal and institutional payments, while their use in decentralized finance (DeFi) continues to expand.
The rapid adoption of stablecoins could have profound implications for the payments industry and the broader economy. On a micro level, stablecoins have the potential to reduce payment costs to less than one cent; on a macro level, the widespread availability of the U.S. dollar may pose challenges to countries with unstable currencies.
While this trend is still unfolding, if stablecoins grew from a crypto niche into a major industry over the past five years, they may become even more deeply integrated into our daily lives over the next five.
Next, let's explore the latest on-chain dynamics of these digital assets.
Stablecoins
USD0 | USDe | USDS | fxUSD | FDUSD | USDT
Stablecoin Supply Surpasses $200 Billion, Setting Fastest Growth Record
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The total stablecoin market has exceeded $200 billion, reaching an all-time high. In just 40 days following the election, the market grew from $170 billion to $200 billion—the fastest growth rate since 2021. Tether (USDT) led with a $20 billion increase, bringing its total to $140 billion; Circle’s USDC rose by $6 billion to $41 billion; and Ethena’s USDe more than doubled from $2.5 billion to $5.5 billion.
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The number of stablecoin holders continues to grow, now reaching 133 million. USDT leads with 81.7 million holders, followed by BSC-USD with 25.8 million. Although USDC has grown more slowly with 18 million holders, smaller stablecoins like PYUSD and USDe are rising rapidly, reflecting increasing market diversification.
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USD0, a stablecoin backed by Hashnote’s tokenized U.S. Treasury asset USYC, has grown over 130% in the past month, nearing an $800 million market cap. This surge is primarily driven by over 30% staking rewards, making USD0 the seventh-largest stablecoin.
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Transaction Focus: Over the past five days, Tether pre-minted 4 billion USDT on Ethereum, in transactions ranging from 1 to 2 billion each. This transaction was the most recent pre-mint, increasing Tether’s Ethereum treasury balance to 1.5 billion. These tokens are expected to enter circulation in the coming days, further driving supply growth.
Ethena
Matt Casto | Website | Dashboard
sUSDe TVL Surpasses $400 Million
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Ethena’s stablecoin ecosystem has seen significant growth over the past month, fueled by highly favorable funding rates. sUSDe achieved an annual percentage yield (APY) exceeding 20% over the past month, attracting substantial capital inflows to Aave and Pendle. Over 50 million USDe were distributed to sUSDe stakers, and sUSDe supply doubled. USDe is now the third-largest stablecoin, behind only USDT and USDC.
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Demand for sUSDe in lending markets remains strong, particularly in the Uniswap sUSDe-USDT pool, which holds the largest share of sUSDe TVL. The pool saw the highest net buy volume of sUSDe in the past day.
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Due to sUSDe’s high yields, demand in lending markets continues to rise. Aave raised its supply caps multiple times in December, each time quickly hitting the new limit. Demand for USDC and USDT also increased alongside.
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Transaction Focus: This single transaction deposited 66.68 million sUSDe into Aave—the largest deposit to date. The address triggering the transaction is the third-largest borrower on Spark, recently purchasing large amounts of PT-sUSDe maturing on December 26, potentially to be deposited into Morpho for further leverage.
Sky Dollar
Seoulcalibur.eth | Website | Dashboard
USDS Momentum Builds: Multi-Chain Expansion Drives Circulating Supply to $1.2 Billion
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Since rebranding to Sky Ecosystem on September 18, 2024, USDS (Sky Dollar, formerly DAI) has rapidly expanded after launching on Ethereum, reaching a circulating supply of $1 billion and peaking at $1.2 billion in mid-November. It has since expanded to Solana and plans to launch soon on Base. DEX trading volume has steadily increased, with cumulative volume reaching $1.2 billion on Ethereum and $542 million on Solana. While Ethereum still accounts for 94% of total supply, adoption on Solana is accelerating.
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USDS usage differs across chains. On Solana, average transaction size is $3,000, highlighting its strength in fast, low-cost small payments; on Ethereum, average transaction size is $24,000, reflecting its use in higher-value financial activities.
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Following the rebrand, DAI-to-USDS conversions totaled $2.4 billion, while reverse conversions reached $1.7 billion, largely driven by DEX trading. Despite controversy around MakerDAO’s rebrand, USDS’s multi-chain expansion and growing supply are positioning it as a strong contender in the stablecoin market.
f(x) Protocol
$65 Million TVL Validates f(x) Protocol’s Sustainable Growth Model
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f(x) Protocol focuses on building sustainable stablecoin infrastructure, with a robust economic model driving real growth. Currently, f(x) has achieved $65 million in total value locked (TVL), while maintaining fxUSD’s stable peg. The upcoming v2 release will introduce a “USD Delta Neutral Stable Pool” offering over 10% APY without relying on inflationary token rewards—setting a new standard for DeFi yields.
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f(x)’s design centers on sustainability, with protocol fees distributing over 900 ETH to users. This growth stems entirely from actual usage, not token incentives.
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f(x) Protocol’s yields recently rose from 10% to over 30%, driven by protocol fees and trading volume—demonstrating the strength of its economic model.
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Transaction Focus: A DeFi user just deposited approximately $1 million into the fxUSD-GHO liquidity pool, aiming to earn over 30% APY from f(x) gauge rewards. This large deposit reflects growing market confidence in f(x) Protocol.
First Digital USD
Etimfon Bassey Ikpong | Website | Dashboard
FDUSD Use Cases Diverge Across Ethereum and BNB Chain
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Ethereum remains dominant in the stablecoin market, reflected in FDUSD’s supply distribution. Data shows higher demand and usage of FDUSD on Ethereum compared to BNB Chain. Recently, FDUSD supply on Ethereum increased by $993 million, bringing total supply to $1.93 billion, up from $921.3 million a year ago.
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On Ethereum, FDUSD is primarily used for everyday transactions (e.g., exchanges), with over 95% of supply concentrated on Binance. On BNB Chain, FDUSD is more commonly used in DeFi yield-generating tools.
Tether
Henry Child | Website | Dashboard
USDT Transfer Volume Doubles, Market Share Nears 70%
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Over the past year, USDT’s daily transfer volume has doubled from $19 billion to $42 billion (based on 14-day moving average).
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Aptos is one of the lowest-fee chains supported by Tether, where sending USDT costs just $0.0002.
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Tether’s circulating supply has reached $138 billion (up 14% over the past month), capturing nearly 70% market share and maintaining its dominance in the stablecoin market.
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