In 2024, the use of stablecoins has been rapidly increasing, reaching significant transaction volumes and new wallet activations. A report by Artemis and Dune provides insights into key trends.
Current Market Trends and Volumes
The total transaction volume using stablecoins reached $35 trillion over the period. In comparison, Visa processed $15.7 trillion and Mastercard $9 trillion in the fourth quarter alone. The number of active wallets increased from 19.6 million to 30 million, a growth of 53%.
Stablecoin Growth and Development
Circle’s USDC doubled its market cap to $56 billion due to regulatory advances and strategic partnerships. Tether’s USDT maintained its lead with a total supply of $146 billion, although its market share decreased. Concurrently, USDe from Ethena Labs grew its capitalization from $146 million to $6.2 billion.
Centralized and Decentralized Platforms
The majority of stablecoin liquidity is concentrated on centralized exchanges, but decentralized finance like DEX accounts for a significant share of transfer volume. Ethereum holds 55% of the stablecoin issuance market share, followed by Base and Solana.
Overall, 2024 has seen stablecoins become a significant part of the financial landscape, with growing infrastructure in both centralized and decentralized systems.
