According to a Six Degree study, since the beginning of 2022, the volume of stablecoins on the Ethereum network has decreased by more than 30%, falling from a peak of $100 billion to $66 billion. While the supply of stablecoins on the Tron network has grown by more than 57%, rising from $31 billion in 2022 to the current $48.9 billion.
The study, covering the period from December 2022 to December 2023, shows that by December 16, 2023, the total market value of stablecoins was $129.5 billion. This figure is 31% lower than the peak value of $188 billion reached in December 2022.
As for the stablecoins in the Ethereum blockchain, the data indicate a decrease in the supply of BUSD and USDC by 36% and 48%, respectively. While the leader among stablecoins, USDT, increased by 23%.
An analysis of the owners of stablecoins shows that about 50% of the accounts belong to external owners. Centralized exchanges own 30%, while decentralized finance (DeFi) platforms account for less than 6%.
The strong infusion of stablecoins into the Ethereum network has played an important role in the development of the bull market, especially during the period of increased DeFi activity in the summer season.
However, the volume of stablecoins in the DeFi protocols on Ethereum was moving in the opposite direction compared to the general market in 2023, according to the researchers' report.
It is also noted that about 60% of the stablecoins belonging to the main addresses are either inactive or in reserve. While the new addresses made their first stablecoin transfer in the previous 30 days.
