Analysis of 5 Major Stablecoins on the Blockchain: Total Holding Addresses Exceed 100 Million, Market Capitalization and Active Addresses Remain Stable

Author: OurNetwork

Compiled by: Deep Tide TechFlow

Stablecoins

The number of addresses holding stablecoins exceeds 100 million, with market capitalization and active addresses remaining stable

• Since the last quarter's OurNetwork stablecoin report, the number of addresses holding stablecoins has increased from 95 million to 107 million, a growth of 13%. The total market capitalization of stablecoins has also increased, rising from $162 billion to $166.3 billion, a growth of 2.5%. Although active addresses did not reach a new high, they remained stable, with active addresses exceeding 21 million in May.

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• The MiCA regulatory framework came into effect at the end of June, imposing significant restrictions on stablecoin issuers and exchanges, particularly with Tether's USDT being delisted by some exchanges. There are speculations that MiCA will benefit euro-denominated stablecoins due to fewer restrictions. However, since the implementation of MiCA, the market capitalization of euro stablecoins has only seen a slight increase.

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• Despite the overall market capitalization growing by only 2.5%, some stablecoins have performed exceptionally well. Ethena's USDe market capitalization increased by over $1 billion, totaling $3.4 billion. Other significant increases include USD0 rising from $0 to $170 million, PYUSD's market capitalization nearly tripling to close to $600 million, primarily on Solana, and Aave's GHO, which doubled in market capitalization to nearly $100 million.

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• Transaction Level Alpha: This is the first large-scale minting of the newly launched AUSD stablecoin, which is pegged to the US dollar and backed by cash and cash equivalents managed by VanEck. AUSD is issued by Agora, a startup backed by Dragonfly and Galaxy. They aim to break the monopoly of Tether and Circle by offering a significant share of reserve interest. Agora sees an opportunity in Tether's monthly profits exceeding $1 billion.

① PYUSD

0xHonz | Website | Dashboard

Paypal's stablecoin PYUSD market capitalization exceeds $500 million

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

DeFiLlama

• Since its launch on ETH, PYUSD's trading volume has been on the rise. Although July is not yet over, PYUSD's monthly trading volume on Solana has already set a historical high of $1 billion. Despite competitors having much higher trading volumes, PYUSD has not lagged behind.

Dune Analytics & Flipside

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

② USDC

USDC circulating supply has grown 35% year-to-date, reaching $33.6 billion

• In 2024, USDC has performed strongly, with a circulating supply exceeding $33.6 billion, a 35% increase year-to-date. Currently, USDC supports 16 chains, with 4 chains having a circulating supply exceeding $1 billion. While Ethereum accounts for the majority of the supply ($25.3 billion), Solana ($2.19 billion) and Base ($2.96 billion) have also seen significant increases over the past year.

Artemis

• USDC plays a crucial role in the DeFi ecosystem, with the top five holders being DeFi applications such as Uniswap, dYdX, and Aave, which use USDC extensively as a stable asset.

Arkham

• Circle's Cross-Chain Transfer Protocol (CCTP) has seen significant growth year-to-date. CCTP is a permissionless on-chain tool that facilitates the transfer of USDC across blockchains securely through 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. Over the past year, the circulating supply of USDC on Base has increased more than tenfold, and as Base's popularity grows, the global demand for stablecoins continues to rise.

③ USDT

Henry Child | Website | Dashboard

USDT dominates across chains, with over 15 million transactions daily on Tron

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

Etherscan

• On TRON, USDT leads in daily trading volume and unique holders, with transaction volumes from $1 to $10,000 seeing significant year-on-year increases, indicating ongoing real-world adoption for P2P and B2B payments.

Dune Analytics - @steakhouse

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

ultrasound.money

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

④ Tron Stablecoin

Dave Uhryniak | Website | Dashboard

TRON is the first blockchain with a single stablecoin value exceeding $60 billion

• TRON is a universally accessible and highly useful blockchain. In 2024, the USDT supply on TRON increased by $11 billion, making TRON the first blockchain with a single stablecoin value exceeding $60 billion. As of July 2024, the total transfer volume on the network exceeds $13 trillion, with a total account count reaching 245 million.

TRONSCAN

• P2P transactions are the foundation of decentralization, allowing individuals to securely and efficiently exchange value directly without geographical boundaries. TRON continues to lead in this metric, with P2P transfer volumes consistently two to three times that of Ethereum.

Artemis

• Although TRON excels in supporting both large and small transactions, the majority of TRC-20 USDT holders are retail users, with 526,000 holding balances below $1,000. Nearly one-third of USDT transaction volumes are below $100, and 15% are below $10.

CryptoQuant

• Transaction Level Alpha: In 2024, the circulating supply of USDT on TRON increased by $11 billion, a growth of 23%, reflecting rising demand. Recently, the blockchain-based 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 develop into a global settlement layer for mainstream financial transactions and has made significant progress.

⑤ eUSD & USD3

nagaking | Website | Dashboard

Reserve Protocol's TVL exceeds $235 million, with stablecoins reaching $60 million

• The Reserve Protocol is a free, permissionless platform for creating, deploying, and managing asset-backed currencies (RTokens). RTokens typically consist of a basket of income-generating assets and are over-collateralized with Reserve Rights (RSR) tokens. In 2024, Reserve's TVL increased from approximately $40 million to about $240 million (an increase of about 600%), which includes $212.1 million in RToken backing and $24.1 million in RSR over-collateralization. About a quarter of the RToken market capitalization comes from stablecoin RTokens, such as USD3 ($32.4 million) and eUSD ($22.3 million).

Reserve

• Different RTokens cater to different risk/return preferences. Web 3 Dollar (USD3) focuses on holder rewards, distributing 85% of profits to RToken holders. Over the past year, the supply of USD3 has grown from just over $1,000 to over $32.4 million, while RSR staking has increased from less than $1,000 to about $2.4 million.

Reserve

• Electronic Dollar (eUSD) focuses on stability and widespread application, incentivizing RSR staking with 94% of profits and planning to share profits with the fintech applications it integrates with. eUSD supports consumer fintech applications in the U.S. and Latin America by sharing DeFi profits.