Analysis on the 5 major stablecoin chains: Total holding addresses exceeded 100 million, market value and active addresses remained stable

Author: OurNetwork

Compiled by Shenchao TechFlow

Stablecoin

Stablecoin holding addresses exceeded 100 million, and the market value and active addresses remained stable

• from above Since the quarterly OurNetwork stablecoin report, the number of addresses holding stablecoins has increased from 95 million to 107 million, an increase of 13%. The total stablecoin market capitalization also increased, increasing by 2.5% from $162 billion to $166.3 billion. While active addresses didn’t hit a new high, they remained stable, with over 21 million active addresses in May.

rwa. shelf. Some speculate that MiCA will benefit euro-denominated stablecoins because they have fewer restrictions. However, the market capitalization of euro stablecoins has increased only slightly since MiCA came into effect.

rwa.xyz

Although the overall market cap only increased by 2.5%, some stablecoins performed well. Ethena’s USDe market cap increased by over $1 billion, bringing its total to $3.4 billion. Other major increases include USD0 growing from 0 to $170 million, PYUSD’s market cap almost tripling to nearly $600 million, primarily on Solana, and Aave’s GHO, which doubled its market cap to nearly $100 million.

rwa.xyz

Transaction Level Alpha: This is the first large-scale minting of the newly launched AUSD stablecoin, AUSD is pegged to the US dollar, cash and managed by VanEck Cash equivalent support. AUSD is issued by Agora, a startup backed by Dragonfly and Galaxy. They hope to break the monopoly of Tether and Circle by offering a significant share of interest on reserves. Agora sees an opportunity in Tether’s massive profits of over $1 billion per month.

• ① PYUSD

0xHonz

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Website

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Paypal’s stablecoin PYUSD has a market value of more than 500 million US dollars

• Paypal launched its stablecoin PYUSD on August 8, 2023, with Paxos as its partner. Since then, the circulating supply has steadily increased. PYUSD was initially launched on Ethereum and then expanded to Solana. The total supply across all chains now exceeds $598 million. However, PYUSD only accounts for a small portion of all stablecoin trading volume.

DeFiLlama

• PYUSD trading volume has been rising since its launch on ETH. Although July is not yet over, PYUSD’s monthly trading volume on Solana has reached an all-time high of $1 billion. PYUSD is not lagging behind despite rivals trading much higher volumes.

Dune Analytics & Flipside

• Transaction Level Alpha: On June 20, a transfer of 30 million PYUSD on the Solana blockchain accounted for the total transaction volume of the day 86%. According to sources on Twitter, the addresses involved in the transaction may be related to the market maker Wintermute. This address has previously funded a number of Wintermute-related staking accounts. In addition, this address was also responsible for a one-time transfer of 115,000 SOL. This suggests that PYUSD is attracting significant institutional attention.

② USDC

USDC circulating supply has increased by 35% year-to-date, with supply reaching $33.6 billion

• In 2024, USDC has performed strongly, with circulating supply exceeding $33.6 billion, growing year-to-date 35%. Currently, USDC supports 16 chains, 4 of which have a circulating supply of over $1 billion. While Ethereum holds the majority of supply ($25.3 billion), Solana ($2.19 billion) and Base ($2.96 billion) have also increased significantly over the past year.

Artemis

• USDC plays a key role in the DeFi ecosystem, and the top five holders are DeFi applications, heavily used by blue-chip applications such as Uniswap, dYdX, and Aave USDC acts as a stable asset.

Arkham

• Circle’s Cross-Chain Transfer Protocol (CCTP) has seen significant year-to-date growth. CCTP is a permissionless on-chain tool that securely facilitates the transfer of USDC between blockchains via native burning and minting. Since the beginning of the year, CCTP's market share has increased from 19% to over 40%.

Artemis

• Transaction Level Alpha: The largest USDC transaction minted on Base this year was $100 million. The circulating supply of USDC on Base has increased more than 10x over the past year, and as Base’s popularity increases, global demand for stablecoins continues to grow.

③ USDT

Henry Child|Website|Dashboard

USDT is doing more than 15 million on Tron every day Transaction

• USDT is the most traded ERC20 token on Ethereum, with a daily trading volume of $31.5 billion, exceeding the top 20 ERC tokens combined.

Etherscan

• On TRON, USDT leads in daily trading volume and number of unique holders, with trading volume from $1 to $10,000 rising significantly year-on-year, Demonstrates continued real-world adoption of P2P and B2B payments.

Dune Analytics - @steakhouse

• Tether USDT’s smart contract has consumed the third most on Ethereum in the past 30 days, with over 909 ETH worth over $3 million .

ultrasound.money

• Trading Level Alpha: 58.6% of USDT-Tron holdings are distributed outside the top 500 accounts, showing the broad distribution of USDT.

④ Tron Stablecoin

Dave Uhryniak|Website|Dashboard

TRON is the first single stablecoin worth over $60 billion Blockchain

• TRON is a universally accessible and highly useful blockchain. In 2024, TRON-based USDT supply increased by $11 billion, making TRON the first blockchain to have a single stablecoin worth over $60 billion. As of July 2024, the total network transfer volume exceeded 13 trillion US dollars, and the total number of accounts reached 245 million.

TRONSCAN

• P2P 交易是去中心化的基礎，使個人能夠安全高效地直接交換價值，不受地理邊界的限制。 TRON 在這一指標上繼續領先，P2P 轉移量始終是 Ethereum 的兩到三倍。

Artemis

• 儘管TRON 在支援大額和小額交易方面表現優異但零售持有價值25000萬人有餘額低於1000美元。近三分之一的 USDT 交易額低於100美元，15% 低於10美元。

CryptoQuant

• 交易層級 Alpha：102070億年增加了200億美元，基於流通量增加了13億美元的需求增加了1000億美元，最近，基於區塊鏈的支付供應商 Orbital 強調了 USDT 支付在新興市場中的重要性。該公司每年處理數百萬筆交易，其中98% 在 TRON 區塊鏈上進行，99% 使用 Tether 的 USDT 代幣。一個可擴展的區塊鏈有潛力發展成為主流金融交易的全球結算層，已經取得了顯著進展。

⑤ eUSD & USD3

nagaking|Website幣達6000萬美元 Reserve 協議是一個免費、無許可的平台，用於創建、部署和管理資產支援的貨幣（RTokens）。 RTokens 通常包括一籃子產生收益的資產，並透過 Reserve Rights (RSR) 代幣進行超額抵押。 2024年，Reserve 的 TVL 從約4,000萬美元增加到約2.4億美元（成長約600%），其中包括2.121億美元的 RToken 支援和2,410萬美元的 RSR 超額抵押。約四分之一的 RToken 市值來自穩定幣 RTokens，如 USD3（3,240萬美元）和 eUSD（2,230萬美元）。

• Reserve

Reserve

• 偏好不同的 RTokens 滿足風險/回報偏好。 Web 3 Dollar (USD3) 專注於持有者獎勵，將85%的收益分配給 RToken 持有者。過去一年中，USD3 的供應量從略高於1000美元增長到超過3200萬美元，而 RSR 質押從不到1000美元增長到約240萬美元。

Reserve

• Electronic Dollar (eUSD) 專注於穩定性和廣泛應用，透過94%的收益激勵 RSR 質押，並計劃與整合它的金融科技應用共享收益。 eUSD 透過分享 DeFi 收益，支援美國和拉丁美洲的消費者金融科技應用。

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