The surprising truth behind stablecoin demand: A steep drop contradicts industry expectations

2023-4-24 13:45

Quick Take Stablecoin demand looks extremely weak — especially in this current market environment. Patrick Hansen from Circle believes the stablecoin demand is growing. However, the data indicates that this is not the case. Stablecoin balance on exchanges has dropped considerably from its peak in November 2022. From $44 billion to under $22 billion — which has either been converted for fiat or Bitcoin. Next, gas usage on Ethereum for Stablecoins has also considerably dropped since the SVB collapse in March. This represents just 6% of the total gas usage from 7.5%. While according to Kaiko research, TUSD now accounts for 10% of global stablecoin trade volume on centralized exchanges. Nearly all this volume is from the BTC-TUSD pair on Binance — which has zero fees. Exchange Balance: (Source: Glassnode) Stablecoin Market Share: (Source: Kaiko) Ethereum Gas Usage: (Source: Glassnode)

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USDx stablecoin (USDX) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 1.62 %
Cегодня L: $0 - H: $0
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