Last month stablecoins reached just under $2T in transaction volumes.
Stablecoins have picked up transaction pace at the end of Q2 as $1.8T in total volumes were recorded onchain according to Allium and Visa data metrics. This marks a slight turning point in momentum since the lull in the stablecoin supply market felt throughout April and May.
Adjusted for exchanges and other factors, the true number was closer to $560B in monthly stablecoin transaction volumes. The largest mid-week spike occurred on June 12th at $180B.
Interestingly, the battle for the top spot went to Circle’s USDC as it outweighed the stablecoin issuer share of the market 2:1 against Tether’s USDT stablecoin. Typically, the two stablecoin issuers trade places in terms of leading stablecoin transaction volumes every few months since around Q1 2023.
Both however, have a different target audience in mind, although there are some overlaps in holders and users.
Right now, it appears retail across emerging economies tends to favor the USDT as a stable asset, while USDC is catering more towards onchain exposure and institutions.
PayPal’s PYUSD and Paxos’ USDG claimed the subsequent 3rd and 4th spots at around $2.4B and $1.7B respectively, while the first non-dollar stablecoin EURC came in 5th with total of $1.2B in stablecoin transactions – an indication of the growing European stablecoin market especially right before the start of the full MiCA stablecoin framework.
Base led the dance for top stablecoin networks, followed by Ethereum, Tron, and Solana.
